Saudi Aramco announced in a statement that it has signed an agreement with a private sector real estate developer to build and operate six residential compounds along the East-West pipeline.
Aramco and the East West for Real Estate Development Company have signed 23-year long contracts to build, own, operate, and transfer six residential compounds along the 1,200-kilometer East-West Pipeline.
East West for Real Estate Development is a special purpose vehicle composed of the Asyad Group, Lamar Holding, and the Wisayah Investment Company.
The six compounds are complete and comprehensive stand-alone towns housing and serving approximately 1,700 employees.
Infrastructure includes residential buildings, life support and recreational facilities, and full utility services over an area of nearly 770,000 square meters. Construction is scheduled to be completed by the second quarter of 2024.
This approach confirms Aramco’s interest in working with key public-private partnership developers, in line with Saudi Vision 2030.
Abdulaziz M. Al Gudaimi, senior vice president of Corporate Development, said the agreement was another customary investment in employee welfare.
“Approximately 1,700 employees across six pump stations anxiously await the successful completion of this project,” Al Gudaimi said. “The appreciation goes to whom participated in this undertaking for their hard work and dedication, including the bid review team, and our partners, Asyad and Lamar, for the exemplary collaborative effort.”
Faisal Alsayed, Asyad Group vice chairman, said the agreement was a very exciting project for his company. “We are honored and proud that our consortium has been selected by Aramco in such a tough competition,” Alsayed said.
“Through Saudi Vision 2030, we believe that our consortium has the experience, scale, and capacity to deliver the project on time with the highest quality possible in construction, operation, and maintenance through the project life span.”
Hani Abdulhadi, vice president at Lamar Holding, said the ambitious new project would ensure that Aramco had a world-class asset. “It will be delivered in partnership with the private sector to provide Aramco’s personnel with state-of-the-art facilities for many years to come,” Abdulhadi said.
