(RIYADH, SAUDI ARABIA) -- As operations in Dubai have slowed, Emaar is counting on its master-planned communities in Saudi Arabia to take up some of the earnings slack. Earlier this month, Emaar Middle East showcased Jeddah Gate and Al Khobar Lakes, two of its integrated communities, at a Cityscape exhibition in the Saudi Arabian capital Riyadh.
Dr Dia Malaeb, Regional Chief Executive, Emaar Middle East, said, "Emaar Middle East is one of the pioneers in master-planned community development in the Kingdom." He estimated that Riyadh "would need over one million new homes by 2014 while overall demand is set to grow at an average 3.3 percent."
Jeddah Gate is a mixed-use project featuring residential units, commercial space, and 75,000 square meters of leasable area for retailers. Top-end retailers and food and beverage outlets will open near the residential towers. Abraj Al Hilal is a cluster of three high rise residential towers within Jeddah Gate.
"We are committed to delivering on our promise of providing world-class homes for our customers," Malaeb explained. "Construction work on Jeddah Gate and Al Khobar Lakes has progressed considerably, and very soon, these developments will become full-fledged residential communities." The first residential towers are due to be handed over to customers during 2011.
Jeddah Municipality plans to develop the Old Airport area in the center of Jeddah; Jeddah Gate offers community living marked by local heritage located close to the city's business center. It is 40 minutes from the Holy City of Makkah by car, and will be accessible by high-speed train service in 2013.
Al Khobar Lakes is one of the premier lakefront developments and the largest integrated community in Eastern Province. The first batch of villas is nearing completion. Away from the bustle of the city, Al Khobar Lakes offer a lifestyle environment with abundant greenery and amenities such as community centers, health club and shopping area.
Emaar Middle East is also developing Emaar Residences at the Fairmont Makkah, located directly on the holy Haram Plaza. The serviced residences are offered on a leasehold basis and range in size from 40 square meters for a studio to 160 square meters for a three bedroom apartment.