Master-planned communities to strengthen housing infrastructure; to feature world-class hotels, shopping malls and leisure assets
Projects will meet growing demand for homes in the Kingdom, while also creating new jobs, promoting Saudi entrepreneurship and supporting ancillary industries
Emaar to share its proven competencies in developing ‘Downtowns’ that add value to the economy
Emaar and Abdul Latif Jameel to launch real estate projects under the entity, ‘Emaar Jameel’
ALJ Group – Emaar sign MoU
Dubai, UAE: Abdul Latif Jameel, Saudi Arabia’s leading business group, and Emaar Properties, the global developer of iconic real estate assets, have signed a Memorandum of Understanding (MoU) to develop integrated property projects in the Kingdom of Saudi Arabia. The two companies will launch the projects under the partnership entity, Emaar Jameel.
Mohammed Abdul Latif Jameel, President of Abdul Latif Jameel, and Mohamed Alabbar, Chairman of Emaar Properties, signed the MoU, which will see Emaar extend its world-class competencies in premium real estate development to create master-planned communities in the Kingdom.
Mr Jameel said: “Abdul Latif Jameel is a socially responsible business organisation with a proven track-record in undertaking real estate projects, consumer financing, automobiles and general trading. Through our community-oriented initiatives, we have created thousands of jobs in Saudi Arabia and other countries in MENAT region, and we continue to focus on driving youth entrepreneurship.
“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. Emaar will bring its proven competencies in developing integrated communities that support all-round economic growth.”
Mr Alabbar added: “We are thankful to Abdul Latif Jameel for the partnership to develop world-class real estate projects, which will be highlighted by a truly international and world-class design and superior build quality.
“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, in addition to driving the hospitality and retail sector growth and strengthening all-round infrastructure.”
The master-planned communities by Emaar Jameel will draw on the latest technologies and offer smart connectivity. Featuring landscaped central parks, Grand Mosques, educational institutions, healthcare centres, children’s play areas and community centres, all the developments will be tailored to meet the lifestyle requirements of residents. Envisaged as ‘work, live and leisure’ environments, the projects will be designed by international architects, drawing on design inspirations from the region.
Founded by Mr. Abdul Latif Jameel in 1945, Abdul Latif Jameel Group is strongly focused on community service, particularly in community investment and creating job opportunities for young entrepreneurs and poverty alleviation, arts and education.
Emaar Properties already has a strong presence in the Kingdom through is business subsidiary Emaar Middle East, which is developing Jeddah Gate and Al Khobar Lakes, two premium lifestyle communities that are already established neighbourhoods. Emaar, The Economic City (Emaar.E.C), listed on the Tadawul, is developing King Abdullah Economic City, one of the region’s largest of its kind developments.
About Abdul Latif Jameel Group:
Established in 1945, Abdul Latif Jameel Group is a family owned company with headquarters in Jeddah, Saudi Arabia and with international operations based in Dubai, UAE. The company’s current geographic footprint extends to 16 countries and includes the Middle East, North Africa, Turkey, Asia Pacific and Europe. The company is best known for its core automotive operations and associated value chain businesses, which had their origin in the company’s appointment as the distributor for the Toyota brand in the Kingdom of Saudi Arabia in 1955. Since then the company has diversified into financing, parts manufacturing, electronics distribution, advertising, media and events. In 2012, the company further diversified into several new sectors, including energy, with an initial focus on renewables, and residential and commercial real estate development within the MENAT region. The company currently employs 14,900+ people. Abdul Latif Jameel Group is proud of its award-winning and multi-faceted corporate social responsibility programs operated autonomously as Abdul Latif Jameel Community Initiatives (ALJCI). Launched in 2003, ALJCI focuses on community investment and creating job opportunities for young entrepreneurs. www.alj.com, www.aljci.org
About Emaar Properties PJSC:
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has total assets of over US$ 17 billion, and a land bank of more than 220 million sq m in key international markets.
With a proven track-record in delivery, Emaar has handed over 37,350 residential units in Dubai and other global markets since 2001. Emaar has over 690,000 sq m of recurring revenue generating assets, and 12 hotels and resorts, with over 1,900 rooms. Today, over 55 per cent of the company’s revenues come from its shopping malls & retail and hospitality & leisure subsidiaries and international operations.
Burj Khalifa, the world’s tallest building, and The Dubai Mall, the world’s largest shopping and entertainment destination, are among Emaar’s trophy developments. www.emaar.com