Jeddah-based Namariq Arabian Services Co. has begun constructing a 104,000 square meter residential compound in King Abdullah Economic City (KAEC), which will house more than 4,000 workers when completed.
The project’s total investment cost is estimated at SAR 150 million, the company said in a statement.
The development will be carried out in two phases; the first of which is expected to be finished in 2016.
KAEC, a 173 square kilometer development located on the Red Sea coast north of Jeddah, is being built by Emaar Economic City ( Emaar EC ). The $100 billion mega project will become a logistics and manufacturing hub when it’s ready in 2035.
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