31/07/2025 06:33 AST
Emaar, The Economic City (EEC), the master developer of King Abdullah Economic City (KAEC), has signed an agreement with Saudi-American real estate venture Al Tahaluf for the development of two premium residential communities in the Al Murooj district located within the mega City.
Al Tahaluf is a joint venture between American real estate company K. Hovnanian and Saudi-based Hamad bin Saedan Real Estate Company.
Announcing the strategic deal, EEC said it reflects a shared ambition to shape a vibrant coastal district and supports KAEC's goal of attracting high-value development while cementing its position as a lifestyle-led investment destination aligned with Vision 2030's ambitions.
Signed at KAEC by Abdulaziz Alnowaiser, CEO of EEC, and Robert Hofmann, CEO of Al Tahaluf, the agreement covers the acquisition of 340 residential lots, ranging from 600 sq m to 1,000 sq m, with built up areas spanning 400 sq m to 600 sq m.
These exclusive new premium residential communities are inspired by a tropical modernism design approach, introducing a signature architectural villa style to the kingdom, it stated.
Designed for elevated living, the new premium residential communities will offer buyers high-end villas on the Red Sea coast, it stated.
The four-to-five-bedroom villas will offer resort-styled living with expansive glass façades, soaring ceilings, shaded terraces, lush tropical landscaping, and premium finishing.
Open concept layouts will connect indoor and outdoor spaces, with gourmet kitchens and private two-car garages, including space for a golf buggy, to support sustainable mobility.
The project is tailored for buyers looking to enjoy elevated living along the Red Sea coast, with interest expected to only rise following a recent decision by the Saudi Cabinet to allow foreign property ownership in designated zones starting 2026.
On the deal, Alnowaiser said: "This agreement highlights KAEC's continued evolution into a vibrant and future-ready city, offering high-quality residential, commercial, and leisure opportunities. We are delighted to partner with Al Tahaluf, whose presence signals strong investor interest in KAEC's long-term potential as a destination of choice for home buyers in the kingdom."
This strategic collaboration advances EEC's ambition to attract foreign direct investment and enable greater private sector participation.
With its blend of world-class infrastructure, lifestyle-driven planning, and proximity to Jeddah and the western coast, KAEC continues to strengthen its position as a coastal premier lifestyle destination, he added.
Hofmann said: We at Al Tahaluf are incredibly proud to be part of KAEC's next chapter as a premier luxury lifestyle destination in the Kingdom."
"Set along the breathtaking Red Sea coastline, our new communities at KAEC will offer an unparalleled setting with opportunities for world class championship golf, relaxation, wellness, and a full spectrum of watersports and waterside leisure," he stated.
With seamless access to Makkah and Madinah, as well as King Abdulaziz International Airport in Jeddah via the Haramain High Speed Railway, KAEC provides future residents with unmatched connectivity.
Combined with pristine beaches, and visionary urban design, it is poised to become a destination of choice for both Saudi and international homebuyers and investors.
K. Hovnanian, a leading American homebuilder and managing partner of Al Tahaluf, will bring its expertise in lifestyle communities and its high-quality standards to the project.
"Al Tahaluf has set a target of late 2025 to launch sales of the villas. A formal design unveiling is also planned for Cityscape Global later this year," stated Hoffmann.
The deal also adds momentum to KAEC's expanding development pipeline and aligns with national efforts to diversify the economy and expand high-impact sectors under Vision 2030.
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