Emaar Properties has appointed Rikaz Development Company, a real estate investment and marketing firm in Saudi Arabia, as its representative to promote its world-class residential projects to Saudi investors through sales offices in Jeddah, Riyadh and Dammam.

The agreement was signed in Dubai by Emaar Properties chairman Mohamed Alabbar and Shaikh Khalid Hassan Algahtani, president of Rikaz and its owning company, Hassan A K Algahtani Sons Company (HAK Group of Companies).

"We have already experienced significant interest from Saudi Arabian investors in our projects," said Alabbar.

"This new agreement will build on that foundation to create wider understanding of our property portfolio and investment opportunities."

Meanwhile, Emaar will soon appoint a main contractor for construction of the first three high-rises on the estimated $4 billion Dubai Marina project. It is studying bids from six contracting companies for the $550 million Phase One North contract which will cover the construction of a two-storey podium on top of which the three towers will be built. A second batch of buildings, also covering three towers, is due to be tendered.

The substructure for the first six towers was awarded to the local/UK Al Futtaim Tarmac.

The project management is being carried out by a joint venture between Mace International and EC Harris.