Emaar EC raises value of three ongoing projects by SAR 47.2 mln

Emaar Economic City (Emaar EC), which trades on Tadawul as 4220, said the combined value of three of its ongoing projects has been raised to SAR 354.27 million from SAR 307.1 million, according to a statement on Tadawul.

Talah Garden Phase II was upped from SAR 82.5 million to SAR 99 million with completion changed from 95 percent to 74 percent, due to a modification in the contracted works. Al Rajhi for Infrastructure Works is the main contractor for this phase.

The contract value of Talah Gardens Phase III was increased to SAR 148.37 million from SAR 134 million, as new works were added to the project; with Rezaik Abdallah Al-Gedrawi Co. as the main contractor.

Value of the E1 project, based in King Abdullah Economic City, was raised to SAR 106.9 million from SAR 90.6 million due to changes in necessary works. It is being developed with Peaks Construction & Maintenance, the project’s main contractor.

Argaam previously reported that Emaar EC’s under-construction projects at Saudi Arabia's King Abdullah Economic City (KAEC) are on track for first quarter.

Al-Talah Gardens Villas