In June 2006 Emaar announced that it had acquired John Laing Homes, the second largest privately held homebuilder in the US, creating on of the world's leading real estate developers in residential homebuilding.
The AED 3.856 billion (US$1.050 billion) all cash transaction was unanimously approved by the boards of directors of both companies.
Partnering with John Laing Homes is consistent with Emaar's strategy of expanding its business on a global basis beyond Dubai. This agreement provides Emaar with an important gateway into the US real estate market.
John Laing Homes a highly respected partner with more than 150 years of homebuilding experience and boasts a strong knowledgeable management team. Emaar will leverage John Laing's industry and management expertise and export it into markets around the world, while providing John Laing Homes with additional resources to grow.
John Laing Homes will operate as a division of Emaar from their headquarters in Newport Beach, CA, and continue to be operated by Larry Webb, CEO, who, along with the senior management team, agreed to to multiyear contracts.
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Showing posts with label EMAAR Properties. Show all posts
Showing posts with label EMAAR Properties. Show all posts
Sunday, July 22, 2007
Saudi Arabia's bold new new economic development
Rapid progress on ground and site work for, the King Abdullah Economic City (KAEC)-- the flagship development in Saudi Arabia by EMAAR Properties
At US $ 26 billion, it is the largest private sector initiative in the Kingdom.
KAEC is a mega multi-stage development which will closely integrate itself into the Kingdom’s on-going drive to expand the economy, create employment opportunities for its youthful population and function as a catalyst to attract foreign investment, global trade, commerce and industry.
Based on initial forecasts, the project and its several components will create up to 500,000 employment opportunities.
The City will be a mixed-use development located north of the commercial hub of Jeddah A massive 55 million square meters of greenfield land with a 35 km shoreline close to the industrial city of Rabegh has been earmarked for the master development.
The City will have six distinct components – a modern world-class Seaport, Industrial District, Financial Island, Education Zone, Resorts and The Residential Area.
Work is underway on the project’s first boulevard – a 15 km long stretch that features over 3,000 palm trees. Excavation work for the first city canal to run through the Red Sea Village has started
During the first three years, construction will be focused on four major areas: the Port, Industrial areas, the Resort District comprising two major beachfront hotels, the first golf course and associated villas, and several apartments and office buildings in the Town Center.
read more
interactive master plan
see web site for KAEC
At US $ 26 billion, it is the largest private sector initiative in the Kingdom.
KAEC is a mega multi-stage development which will closely integrate itself into the Kingdom’s on-going drive to expand the economy, create employment opportunities for its youthful population and function as a catalyst to attract foreign investment, global trade, commerce and industry.
Based on initial forecasts, the project and its several components will create up to 500,000 employment opportunities.
The City will be a mixed-use development located north of the commercial hub of Jeddah A massive 55 million square meters of greenfield land with a 35 km shoreline close to the industrial city of Rabegh has been earmarked for the master development.
The City will have six distinct components – a modern world-class Seaport, Industrial District, Financial Island, Education Zone, Resorts and The Residential Area.
Work is underway on the project’s first boulevard – a 15 km long stretch that features over 3,000 palm trees. Excavation work for the first city canal to run through the Red Sea Village has started
During the first three years, construction will be focused on four major areas: the Port, Industrial areas, the Resort District comprising two major beachfront hotels, the first golf course and associated villas, and several apartments and office buildings in the Town Center.
read more
interactive master plan
see web site for KAEC
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