DUBAI // Emaar the Economic City, the Tadawul-listed master developer of Saudi Arabia's King Abdullah Economic City (KAEC), has awarded a 320 million Saudi riyal (Dh314m) contract to the global telecommunications firm Ericsson to develop and operate KAEC's technology and telecom infrastructure. The developer said Ericsson won the contract through one of its divisions, Ethraa, The Smart City.
Under the agreement, Ericsson will undertake an extensive survey of KAEC and develop its telephone and internet system. The system will give KAEC investors and residents access to fast internet and advanced communication networks. Ericsson is expected to start the project in next January and complete it by 2012. Omar al Khudairi, a senior director at Ethraa, said the agreement with Ericsson was a benchmark for technologically advanced cities. "It will enable all KAEC residents and tenants to enjoy advanced IT and telecom connectivity at a globally competitive price from day one," he said.
Ericsson, one of the world's leading provider of communications equipment and services, will join global technology businesses such as Cisco, Orange Business and HP, all of which are already working on different projects in KAEC. More than 1,000 phone networks in over 175 countries utilise Ericsson's network equipment, with 40 per cent of all mobile calls made through its systems. Established in Sept 2006, Emaar the Economic City is a Saudi joint-stock company listed on the Saudi Stock Exchange, known as the Tadawul.
Managed by Dubai-based Emaar Properties, and a number of high profile investors from Saudi Arabia, Emaar's KAEC project is the largest private development in the Middle East, spread over 168 million square metres on the Red Sea coast. KAEC has six key components - the Sea Port, Industrial Zone, Central Business District, Educational Zone, Resort District and Residential Communities, and will be home to two million residents when completed.
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