Latest news with #KAEC
Web Release
31-07-2025
- Business
- Web Release
Emaar The Economic City & Al Tahaluf Sign Deal to Deliver New Residential Projects in KAEC's Al Murooj
Emaar, The Economic City (EEC), the master developer of King Abdullah Economic City (KAEC), has signed an agreement with Al Tahaluf, a Saudi-American joint venture comprised of a K. Hovnanian subsidiary and the Hamad bin Saedan Real Estate Company, to develop two premium residential communities in the Al Murooj district. The deal reflects a shared ambition to shape a vibrant coastal district and supports KAEC's goal of attracting high-value development while cementing its position as a lifestyle-led investment destination aligned with Vision 2030's ambitions. Signed at KAEC by Abdulaziz Alnowaiser, CEO of EEC, and Robert Hofmann, CEO of Al Tahaluf, the agreement covers the acquisition of 340 residential lots, ranging from 600 m² to 1,000 m², with built up areas spanning 400 m² to 600 m². These exclusive communities are inspired by a tropical modernism design approach, introducing a signature architectural villa style to the Kingdom. The four-to-five-bedroom villas will offer resort-styled living with expansive glass façades, soaring ceilings, shaded terraces, lush tropical landscaping, and premium finishing. Open concept layouts will connect indoor and outdoor spaces, with gourmet kitchens and private two-car garages, including space for a golf buggy, to support sustainable mobility. The project is tailored for buyers looking to enjoy elevated living along the Red Sea coast, with interest expected to only rise following a recent decision by the Saudi Cabinet to allow foreign property ownership in designated zones starting 2026. Commenting on the signing, Abdulaziz Alnowaiser, CEO of EEC, said: 'This agreement highlights KAEC's continued evolution into a vibrant and future-ready city, offering high-quality residential, commercial, and leisure opportunities. We are delighted to partner with Al Tahaluf, whose presence signals strong investor interest in KAEC's long-term potential as a destination of choice for home buyers in the Kingdom.' 'We at Al Tahaluf are incredibly proud to be part of KAEC's next chapter as a premier luxury lifestyle destination in the Kingdom,' said Robert Hofmann, CEO of Al Tahaluf. 'Set along the breathtaking Red Sea coastline, our new communities at KAEC will offer an unparalleled setting with opportunities for world class championship golf, relaxation, wellness, and a full spectrum of watersports and waterside leisure. With seamless access to the Holy Cities of Mecca and Medina, as well as King Abdulaziz International Airport in Jeddah via the Haramain High Speed Railway, KAEC provides future residents with unmatched connectivity. Combined with pristine beaches, and visionary urban design, it is poised to become a destination of choice for both Saudi and international homebuyers and investors.' Hofmann added that K.?Hovnanian, a leading American homebuilder and managing partner of Al?Tahaluf, will bring its expertise in lifestyle communities and its high-quality standards to the project. Al Tahaluf has set a target of late 2025 to launch sales of the villas. A formal design unveiling is also planned for Cityscape Global later this year. This strategic collaboration advances EEC's ambition to attract foreign direct investment and enable greater private sector participation. With its blend of world-class infrastructure, lifestyle-driven planning, and proximity to Jeddah and the western coast, KAEC continues to strengthen its position as a coastal premier lifestyle destination. The deal also adds momentum to KAEC's expanding development pipeline and aligns with national efforts to diversify the economy and expand high-impact sectors under Vision 2030.
Zawya
31-07-2025
- Business
- Zawya
Emaar The Economic City & Al Tahaluf Sign Deal to Deliver New Residential Projects in KAEC's Al Murooj
KING ABDULLAH ECONOMIC CITY (KAEC), Saudia Arabia: (GLOBE NEWSWIRE) -- Emaar, The Economic City (EEC), the master developer of King Abdullah Economic City (KAEC), has signed an agreement with Al Tahaluf, a Saudi-American joint venture comprised of a K. Hovnanian subsidiary and the Hamad bin Saedan Real Estate Company, to develop two premium residential communities in the Al Murooj district. The deal reflects a shared ambition to shape a vibrant coastal district and supports KAEC's goal of attracting high-value development while cementing its position as a lifestyle-led investment destination aligned with Vision 2030's ambitions. Signed at KAEC by Abdulaziz Alnowaiser, CEO of EEC, and Robert Hofmann, CEO of Al Tahaluf, the agreement covers the acquisition of 340 residential lots, ranging from 600 m² to 1,000 m², with built up areas spanning 400 m² to 600 m². These exclusive communities are inspired by a tropical modernism design approach, introducing a signature architectural villa style to the Kingdom. The four-to-five-bedroom villas will offer resort-styled living with expansive glass façades, soaring ceilings, shaded terraces, lush tropical landscaping, and premium finishing. Open concept layouts will connect indoor and outdoor spaces, with gourmet kitchens and private two-car garages, including space for a golf buggy, to support sustainable mobility. The project is tailored for buyers looking to enjoy elevated living along the Red Sea coast, with interest expected to only rise following a recent decision by the Saudi Cabinet to allow foreign property ownership in designated zones starting 2026. Commenting on the signing, Abdulaziz Alnowaiser, CEO of EEC, said: 'This agreement highlights KAEC's continued evolution into a vibrant and future-ready city, offering high-quality residential, commercial, and leisure opportunities. We are delighted to partner with Al Tahaluf, whose presence signals strong investor interest in KAEC's long-term potential as a destination of choice for home buyers in the Kingdom.' 'We at Al Tahaluf are incredibly proud to be part of KAEC's next chapter as a premier luxury lifestyle destination in the Kingdom,' said Robert Hofmann, CEO of Al Tahaluf. 'Set along the breathtaking Red Sea coastline, our new communities at KAEC will offer an unparalleled setting with opportunities for world class championship golf, relaxation, wellness, and a full spectrum of watersports and waterside leisure. With seamless access to the Holy Cities of Mecca and Medina, as well as King Abdulaziz International Airport in Jeddah via the Haramain High Speed Railway, KAEC provides future residents with unmatched connectivity. Combined with pristine beaches, and visionary urban design, it is poised to become a destination of choice for both Saudi and international homebuyers and investors.' Hofmann added that K. Hovnanian, a leading American homebuilder and managing partner of Al Tahaluf, will bring its expertise in lifestyle communities and its high-quality standards to the project. Al Tahaluf has set a target of late 2025 to launch sales of the villas. A formal design unveiling is also planned for Cityscape Global later this year. This strategic collaboration advances EEC's ambition to attract foreign direct investment and enable greater private sector participation. With its blend of world-class infrastructure, lifestyle-driven planning, and proximity to Jeddah and the western coast, KAEC continues to strengthen its position as a coastal premier lifestyle destination. The deal also adds momentum to KAEC's expanding development pipeline and aligns with national efforts to diversify the economy and expand high-impact sectors under Vision 2030. Contacts: Robert Hofmann, Chief Executive Officer Al Tahaluf Real Estate Company Saudi: +966 543 853 901 US: 732 904 4876 Tyler Lewis, Director of Investment Al Tahaluf Real Estate Company Saudi: +966 55 287 4982 US: 713-248-2624
Zawya
30-06-2025
- Business
- Zawya
Grade A warehousing demand surging as Saudi Arabia's economy expands
Saudi Arabia's logistics and warehousing sector is expanding at a rapid pace, propelled by a growing e-commerce market and rising need for Grade A warehousing, according to global real estate consultancy JLL. Among the key growth enablers are the Kingdom's industrial and logistics sectors located in special economic zones (SEZs) and industrial hubs in prime locations. Currently, 36 industrial cities offer ready-to-use facilities, including factories and storage units. Meanwhile, incentives and tax breaks at King Abdullah Economic City (KAEC), King Salman Energy Park (SPARK), and Jazan Economic City (JEC) are driving investment and innovation. The logistics and industrial real estate market is gaining ground due to the Kingdom's position as the largest e-commerce market in the GCC, supported by high internet access (97 percent), a young and tech-savvy population, and a growing preference for online shopping. Modern commerce and e-commerce are expected to contribute around 80 percent to the retail sector by 2030, fueling strong demand for advanced storage solutions, fulfilment centres near consumers, and efficient last-mile distribution networks, JLL said. The construction boom in Saudi Arabia, aligned with Vision 2030, has injected $850 billion into the construction industry, creating challenges for global supply chains. In response, businesses and investors are adopting proactive strategies such as supply chain diversification, investing in local manufacturing to enhance self-sufficiency, implementing best practices to optimise inventory and minimise lead times. The National Industrial Development and Logistics Programme (NIDLP), one of Vision 2030's core pillars, aims to increase the logistics sector's GDP share from 6 percent to 10 percent by 2030, and localise 70 percent of the supply chain. (Writing by P Deol; Editing by Anoop Menon) (
Zawya
26-06-2025
- Business
- Zawya
Juthor breaks ground on TM6: New tissue manufacturing facility at KAEC to boost industrial capacity
TM6 will deliver enhanced output and greater efficiency, raising annual capacity to 120,000 tons KAEC, Saudi Arabia – Juthor Paper Manufacturing Co., a subsidiary of Middle East Paper Co. (MEPCO), one of the largest paper manufacturers in the Middle East and North Africa (MENA) region, has broken ground on TM6, its second high-capacity production line for tissue manufacturing at King Abdullah Economic City (KAEC), near Jeddah. The groundbreaking ceremony welcomed distinguished representatives from different government and private entities like MODON and Economic Cities and Special Zones Authority along with the Juthor and MEPCO senior leadership teams. With a total investment of SAR 345 million, TM6 will significantly expand Juthor's manufacturing output, increasing annual capacity to 120,000 tons and operating at a speed of 2,100 meters per minute. TM6 supports Saudi Arabia's Vision 2030 by advancing local manufacturing, reducing reliance on imports, creating skilled jobs, and adhering to world-class environmental standards. Andritz AG, an Austria-based international technology group the provides advanced plants, equipment, services, and digital solutions, will manufacture, supply, and install the facility, over a 24-month period. Commenting on the launch, Mr. Musab Al-Muhaidib, Chairman of the Board at MEPCO Group, said: 'The launch of TM6 is a testament to our unwavering belief in Saudi Arabia's industrial future. As we align with Vision 2030, this expansion strengthens our role in enabling local manufacturing and advancing the Kingdom's self-sufficiency in the tissue sector.' The facility will utilize cutting-edge technology and sustainable manufacturing methods to align with MEPCO's environmental goals, including efficient resource use and minimizing carbon emissions. Eng. Faisal Haddawi, Group President at MEPCO Group, said: 'At MEPCO Group, we do not simply build capacity — we build value, resilience, and trust. TM6 will accelerate our strategy for sustainable growth while deepening our contribution to the Saudi economy and regional markets.' Juthor remains committed to continuous investment in manufacturing innovation to meet the growing demand for high-quality tissue paper products in the Kingdom and the wider MENA region. About Juthor Paper Manufacturing Co. Juthor Paper Manufacturing Co. is a Saudi-based tissue paper manufacturer and a subsidiary of MEPCO Group. Established to meet the Kingdom's rising demand for hygiene and paper products, Juthor delivers high-quality, environmentally responsible solutions to regional and international markets. Its operations reflect MEPCO's broader vision of industrial leadership, innovation, and sustainability. Media contacts: Abdulaziz Al-Jahdali abdulaziz.j@
Trade Arabia
18-05-2025
- Automotive
- Trade Arabia
Hyundai Motor Manufacturing Middle East breaks ground for Saudi plant
Hyundai Motor Manufacturing Middle East (HMMME), a joint venture between the Public Investment Fund (PIF) and Hyundai Motor Company, held its groundbreaking ceremony for Hyundai's first manufacturing plant in the Middle East at the King Salman Automotive Cluster within King Abdullah Economic City (KAEC). The event marks a significant milestone in the development of Saudi Arabia's automotive industry, said a Saudi Press Agency report. PIF holds a 70% stake in HMMME, with Hyundai owning the remaining 30%. The facility is expected to produce its first vehicle by the fourth quarter of 2026 and aims for an annual output of 50,000 vehicles. The production will include both internal combustion engine (ICE) vehicles and electric vehicles (EVs). Deputy Governor and Head of MENA Investments at PIF Yazeed Alhumied said: 'This groundbreaking is a significant milestone for PIF as it further strengthens the automotive industry in Saudi Arabia. PIF will continue to enable and accelerate the growth of Saudi Arabia's automotive ecosystem through partnerships. This joint venture underscores PIF's commitment to building local capabilities, attracting cutting-edge technology, and creating highly skilled jobs in Saudi Arabia's automotive and mobility sector.' Vice Chair of Hyundai Motor Group Jaehoon Chang said: 'Today's groundbreaking marks the beginning of a new chapter for both the Kingdom of Saudi Arabia and Hyundai Motor Company, as we lay the foundation for a new era of future mobility and technological innovation. Through our joint venture, we hope to contribute to the development of talent in the region with advanced skills and capabilities under Saudi Vision 2030.' HMMME aims to establish a strong foundation for automotive manufacturing in Saudi Arabia. Leveraging local talent, the facility will create thousands of jobs while promoting knowledge transfer and skills development. The localization of Hyundai vehicles is set to accelerate the growth of the Kingdom's automotive and mobility ecosystem, advancing its industrial future. This partnership is part of a broader series of PIF initiatives positioning Saudi Arabia as a global automotive hub. Together, these efforts are transforming the sector, enhancing domestic manufacturing capabilities, and strengthening infrastructure and supply chains, the report said.
