Emaar, The Economic City, established in 2006, is a consortium of global real estate major Emaar PJSC and a number of high profile Saudi investors. The vision of Emaar, The Economic City is “the development of world‑class, integrated lifestyle projects that add to the socio‑economic prosperity of Saudi Arabia”.
The primary focus of the company is currently, the master planning, development and management of King Abdullah Economic City (KAEC). KAEC is an SAR 187.6 billion (USD 50 billion) development project, based on the total cost and the land area of 168 million sq m. The city is expected to undergo progressive development over 3 phases, achieving completion in the year 2020.
With an authorized share capital of SR8.5 billion, consisting of 850 million shares of a nominal value SR10 each, Emaar.E.C offered its initial 30% equity public offering in 2006, on the Saudi Stock Exchange (Tadawul). The overwhelming response saw approximately half the country's population subscribing to the IPO. The IPO was over‑subscribed by 2.82 times and received 2.8 million applications with the total amount subscribed at SR7.18 billion.
