Dubai-based Emaar Properties has signed a Memorandum of Understanding (MoU) with Saudi-based Abdul Latif Jameel (ALJ) group, to develop integrated property projects in Saudi Arabia.
The two companies will launch integrated property projects under a newly created partnership entity, Emaar Jameel, a statement said.
The master-planned communities will feature landscaped central parks, mosques, educational institutions, healthcare centres, children’s play areas and community centres and will be designed by international architects.
They will “draw on the latest technologies and offer smart connectivity,” the statement added.
Mohammed Abdul Latif Jameel, president of ALJ, said: “Today’s announcement demonstrates our commitment to build world-class real estate developments that meet the two key requirements of the Kingdom – creating more jobs and meeting the demand for homes.”
Mohamed Alabbar, chairman of Emaar Properties added: “Emaar will leverage the experience of developing master-planned ‘Downtowns’ that have strong positive economic impact, including the creation of new jobs and supporting youth entrepreneurship.
“Our integrated community developments will meet the growing demand for high-end and affordable luxury homes in the Kingdom.”
Emaar already operates in the Kingdom through its business subsidiary Emaar Middle East, which is developing two lifestyle communities – Jeddah Gate and Al Khobar Lakes.
Emaar The Economic City, listed on the Tadawul, is developing King Abdullah Economic City, one of the region’s largest of its kind developments.
The mega project includes a sea port, an industrial valley, an educational zone, a central business district with commercial, mixed-use, retail outlets and a financial island, resorts and a residential area.