Regional stock market indices Regional currency rates Emaar Economic City and Saudi Oger sign $132 million contract Saudi Arabia’s Emaar Economic City (EEC), responsible for the development of King Abdullah Economic City (KAEC), signed a SR494 million ($131.7 million) construction deal with Saudi Oger. Under this contract, Saudi Oger will build four residential towers in the KAEC on the Red Sea north of Jeddah. The towers, comprising 616 apartments, are expected to be completed in 16 months and include outdoor swimming pools, round the clock security and maintenance as well as spacious lobbies. ECC was established in 2006 in an aim to develop the KAEC. The city will be constituted of six components including the Industrial District and the Financial Island. Saudi Oger was established in 1978 in Saudi Arabia as a construction company by the former Lebanese Prime Minister Rafik Hariri. The company currently employs a staff of 27,000.
