Emaar The Economic City (Emaar EC) celebrated the achievement of SR1 billion ($27 million) from sales of residential units within the first phase of King Abdullah Economic City (KAEC).

The robust performance was backed by the launch of several new projects worth SR130 billion by the Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud during his visit to KAEC in June.

Fahd Al-Rasheed, chief executive officer and board member, Emaar EC, said: "The achievements of the company in meeting the founding objectives of KAEC reiterate the mega-project's important role in further enhancing the socio-economic prosperity of the Kingdom."

"It also puts the spotlight on SAGIA's Vision 10x10 to make the Kingdom one of the top 10 competitive nations in the world. The overwhelming sales response highlights the trust of our stakeholders and that of the general public in the project."

Joseph Kilar, chief operating officer of the company outlined the importance of working together as a team and keeping up with the schedule as per international standards and quality practices.

He added that these elements were crucial to the success of the achievements of the company during the first half of the year, and said that efforts will be doubled to complete KAEC as per the time-frame.

Imad Hashem, Senior Director of Communications & External Relations, Emaar EC, said: "Emaar EC is currently looking to further enhance our team with new members. This underscores our commitment to create promising job opportunities in the Kingdom."

"This year, we have already recruited 65 key personnel from 16 nationalities. Saudi Arabian nationals, today, form 64 per cent of our employee team. We also plan to launch several corporate social responsibility initiatives and an Investor Relations programme shortly," he noted.

Emaar EC had launched the first phase of KAEC including the Industrial Zone, Sea Port and Residential Communities to overwhelming investor response.

The launch of Bay La Sun Village, the first integrated residential community, and Esmeralda Suburb, a town house and golf community, had earned international investor response with strong sales at a roadshow in Dubai too.

KAEC also added on key investment vehicles and growth engines such as the Plastics Valley in the Industrial Zone, and flagged off several Knowledge Industry projects such as infrastructure work on the Smart City.

Significant additions to KAEC in the first-half include the Healthcare City, Media City, Science Research Complex, Environment Protection Centre, Cadre Technical City for human resources development, Thunderbird Middle East University and Colombia University.

Emaar EC also strengthened the Resort Zone with projects such as the Ritz-Carlton Hotel & Resort and convention centre, Bay La Sun Hotel & Mall and the Holiday Inn Express Hotel. - TradeArabia News Service