From Reuters and WAM (the official UAE News Agency)
On Sunday Emaar's shares rose 7.18% after Kingdom Holdings (KSA) announced that Emaar would invest in Kingdom's Jeddah development which will include The World's Next Tallest Tower. However, Emaar's share price fell 5.7% yesterday following Emaar's announcement that it was not investing in the Jeddah development but merely "offer[ing] management services against a fee". Kingdom Holding's share price has also fallen 2.7 percent.
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The UAE bourse regulator has asked Emaar Properties to give detailed clarification about a deal with Saudi Arabia's Kingdom Holding, the official WAM news agency said on Monday.
Emaar on Sunday denied it was investing in a development by Saudi Arabia's Kingdom Holding that will feature what would be the world's tallest tower, but said it was in a deal to offer management services against a fee.
"The Capital and Securities Authority has asked ... that Emaar Properties presents a clarification about the deal signed with Kingdom Holding that includes the details about the deal, its nature, value and the possible impact on the earnings of Emaar and in which period," WAM reported.
Emaar shares surged 7.18 percent on Sunday, the day after Kingdom Holding Co said it had appointed the Dubai-based firm as developer of the project, with a total investment of at least 100 billion riyals ($26.7 billion). The share tumbled 5.74 percent on Monday.
"The statement from Kingdom Holding was misunderstood, Emaar clarified its role in the project today," said Roy Cherry, Shuaa Capital vice-president for research.
"Emaar has been appointed supervisor on the project, against this service the company will charge a fee. As such it will not be exposed to the risks nor reap the full rewards of this 100 billion riyal project.
"Kingdom Holding, owned by billionaire Prince Alwaleed bin Talal, said on Saturday in an emailed statement that Emaar would be in charge of developing and supervising the construction of the Kingdom Tower.
Emaar, the region's largest property developer, is currently constructing the world's tallest tower, Burj Dubai, in the emirate - a regional trade and tourism hub.
Prince Alwaleed, the chairman of Kingdom Holding, signed the deal on behalf of Jeddah Economic Co with Emaar Chairman Mohamed Alabbar, Kingdom said in its statement on Saturday.
Saudi Arabia, the largest Arab economy, launched two large projects in the Red Sea port city of Jeddah in October. They include the construction of a tower that will be more than 1,000 metres (yards) high.
The kingdom needs one million houses by 2014 to meet the needs of its growing population, and there are shortages in residential, commercial, retail and hospitality property in Riyadh, Jeddah, Mecca, Medina and the Eastern Province, HSBC said in a report earlier this month.
Showing posts with label Kingdom Group. Show all posts
Showing posts with label Kingdom Group. Show all posts
Tuesday, 16 June 2009
Monday, 15 June 2009
Emaar denies deal with Kingdom Holding to develop world's tallest tower
From the Gulf News 15 June '09
Despite the announcement from Kingdom Holding earlier this week, it appears there's been a 'misunderstanding' and Emaar's having no role in developing The World's Next Highest Tower to be located in Jeddah. FYI, Prince Alwaleed is the largest shareholder in Citigroup.
Despite the announcement from Kingdom Holding earlier this week, it appears there's been a 'misunderstanding' and Emaar's having no role in developing The World's Next Highest Tower to be located in Jeddah. FYI, Prince Alwaleed is the largest shareholder in Citigroup.
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Emaar Properties on Monday issued a denial that it had made any deal with Saudi Arabia's Kingdom Holding Company on developing the world's tallest tower with a total investment of at least 100 billion riyals ($26.7 billion).
Kingdom Holding, owned by billionaire Prince Alwaleed bin Talal, said on Saturday in an emailed statement that Emaar would be in charge of developing and supervising the construction of the Kingdom Tower.
The news saw a surge in Emaar's shares rise up to to 7.8 per cent.
In a statement issued to Reuters, the Dubai based properties said that it will not invest in any projects of this sort.
Emaar is currently constructing the world's tallest tower, Burj Dubai, in the emirate - a regional trade and tourism hub.
Emaar Properties on Monday issued a denial that it had made any deal with Saudi Arabia's Kingdom Holding Company on developing the world's tallest tower with a total investment of at least 100 billion riyals ($26.7 billion).
Kingdom Holding, owned by billionaire Prince Alwaleed bin Talal, said on Saturday in an emailed statement that Emaar would be in charge of developing and supervising the construction of the Kingdom Tower.
The news saw a surge in Emaar's shares rise up to to 7.8 per cent.
In a statement issued to Reuters, the Dubai based properties said that it will not invest in any projects of this sort.
Emaar is currently constructing the world's tallest tower, Burj Dubai, in the emirate - a regional trade and tourism hub.
Saturday, 13 June 2009
Emaar to develop Saudi kilometre high skyscraper
The Jeddah tower From a Kingdom Holding (KSA) Press Release 13 June '09 and Zawya.
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Saudi Prince Alwaleed bin Talal's Kingdom group said Saturday it had signed Dubai-based Emaar to develop and supervise the construction of a kilometre-high tower in Jeddah.
The Jeddah Kingdom City and Kingdom Tower will comprise 23 million square metres (247 million square feet) of commercial, residential and office space on 530 hectares of land near Jeddah's international airport, Kingdom said in a statement. The Kingdom Tower was unveiled first in 2003 and in 2007 the Kingdom group announced that the US-based engineering firm Bechtel would oversee the project. Kingdom Tower is part of the Kingdom City development which will be one of the largest and most comprehensive real estate projects to be built in Saudi Arabia located at Obhur, North of the creek of Jeddah and the mountains to the east.
Prominently located on a prime site, the master plan, encompassing 5.3 square kilometers. Kingdom City in Jeddah is 20 km from the old city of Jeddah near King Abdulaziz International Airport. The centerpiece of the development will be the landmark Kingdom Tower. Kingdom City is expected to house 80,000 residents and accommodate 250,000 visitors who will enjoy its facilities; lakes, canals, water sports and other leisure activities.
Prince Alwaleed commented: "The alliance between Kingdom Holding Company and EMAAR is strategic."
EMAAR are in charge of developing and supervising the construction of Jeddah Kingdom City land and Kingdom Tower, the highest in the world. EMAAR was selected by Kingdom Holding from 5 other international developers, for their previous proven experience in the development of mega projects, their knowledge of the area and social setup. EMAAR was able to bring together an experienced team within a week from the signing to work on the development, master planning, traffic study, environment and updating market research and commencement of ground work. Furthermore, the preliminary license was obtained and the EMAAR team is working closely and in co-ordination with the Jeddah municipality.
The centrepiece of the 100 billion riyals (26.6 billion dollar) project will be a 1,000 metre-high (3,280 feet) needle-like skyscraper, taller than any building completed or under construction in the world.
The current tallest building, the Burj Dubai, which towers over the Dubai emirate to the east of Saudi Arabia at a current height of 800 metres (2,624 feet) while still not completed, is being built by Emaar.
According to industry reports Bechtel pulled out early this year.
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Saudi Prince Alwaleed bin Talal's Kingdom group said Saturday it had signed Dubai-based Emaar to develop and supervise the construction of a kilometre-high tower in Jeddah.
The Jeddah Kingdom City and Kingdom Tower will comprise 23 million square metres (247 million square feet) of commercial, residential and office space on 530 hectares of land near Jeddah's international airport, Kingdom said in a statement. The Kingdom Tower was unveiled first in 2003 and in 2007 the Kingdom group announced that the US-based engineering firm Bechtel would oversee the project. Kingdom Tower is part of the Kingdom City development which will be one of the largest and most comprehensive real estate projects to be built in Saudi Arabia located at Obhur, North of the creek of Jeddah and the mountains to the east.
Prominently located on a prime site, the master plan, encompassing 5.3 square kilometers. Kingdom City in Jeddah is 20 km from the old city of Jeddah near King Abdulaziz International Airport. The centerpiece of the development will be the landmark Kingdom Tower. Kingdom City is expected to house 80,000 residents and accommodate 250,000 visitors who will enjoy its facilities; lakes, canals, water sports and other leisure activities.
Prince Alwaleed commented: "The alliance between Kingdom Holding Company and EMAAR is strategic."
EMAAR are in charge of developing and supervising the construction of Jeddah Kingdom City land and Kingdom Tower, the highest in the world. EMAAR was selected by Kingdom Holding from 5 other international developers, for their previous proven experience in the development of mega projects, their knowledge of the area and social setup. EMAAR was able to bring together an experienced team within a week from the signing to work on the development, master planning, traffic study, environment and updating market research and commencement of ground work. Furthermore, the preliminary license was obtained and the EMAAR team is working closely and in co-ordination with the Jeddah municipality.
The centrepiece of the 100 billion riyals (26.6 billion dollar) project will be a 1,000 metre-high (3,280 feet) needle-like skyscraper, taller than any building completed or under construction in the world.
The current tallest building, the Burj Dubai, which towers over the Dubai emirate to the east of Saudi Arabia at a current height of 800 metres (2,624 feet) while still not completed, is being built by Emaar.
According to industry reports Bechtel pulled out early this year.
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