KAEC attracts three new investors to Industrial Valley

Updated 10 July 2014
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KAEC attracts three new investors to Industrial Valley

King Abdullah Economic City (KAEC) has signed contracts with new three manufacturing companies that are investing in the city's Industrial Valley to take advantage of the promising opportunities offered by the booming Saudi market in many of the industrial sectors.
The three companies are Paint Innovation Factory, a Saudi-German joint venture for the production of high quality paints, which will establish its plant in the first phase of the industrial valley; Neem Arabia for Wood Construction, which will construct a facility for the production of decorative woodwork; and the Jeddah Aluminum Company Ltd., one of the leading companies in the industry since 1976, which will build a factory for the production of windows and doors for residential complexes, towers, commercial buildings and shopping centers.
Rayan Qutub, COO of the Industrial Valley (IV) in KAEC, said: "These three new factories have chosen to invest in KAEC because of the IV’s highly developed infrastructure, world-class service facilities and the strategic advantages of its location.”
KAEC’s Industrial Valley offers unrivaled import, export and distribution advantages due to its close proximity to King Abdullah Port, which has already begun to receive the largest cargo ships in the world; new super highways for road transportation; the Haramain Railway train station, which will connect KAEC with Jeddah, Makkah and Madinah; and the land bridge that will provide direct connection to the Kingdom’s central and east regions.
Qutub said: “King Abdullah Economic City has achieved great success in attracting more than 70 leading local and international companies have chosen the Industrial Valley as their operational base where several have actually begun to establish their factories and operational facilities, while some have already started production, including Mars Saudi Arabia, claimed to be the largest chocolate factories in the world; GREIF, a world leader in textile and plastic packaging products and services; and Petra Engineering Industries.
In fact, some of them have now begun exporting to countries outside the Kingdom. “We are confident that these factories will achieve our objective to provide many job opportunities for Saudi youth and I am pleased to say that a number of companies are currently offering training programs for cadres of talented Saudi nationals,” he added.
The direct link between the Industrial Valley and King Abdullah Port in KAEC makes the IV a global logistical hub and an access point to reach 250 million consumers in the Middle East and North Africa, and making it one of the key drivers of the Saudi economy.


Pompeo says China is engaging in ‘predatory economics 101’

Would China have allowed America to do to it what China has done to America asked US Secretary of State Mike Pompeo. (AP)
Updated 18 June 2018
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Pompeo says China is engaging in ‘predatory economics 101’

  • He said China’s recent claims of “openness and globalization” are “a joke.”

DETROIT: China is engaging in “predatory economics 101” and an “unprecedented level of larceny” of intellectual property, Secretary of State Mike Pompeo told a business audience Monday.
Pompeo made the remarks at the Detroit Economic Club as global markets reacted to trade tensions between the US and China. Both nations started putting trade tariffs in motion that are set to take effect July 6.
He said China’s recent claims of “openness and globalization” are “a joke.” He added that China is a “predatory economic government” that is “long overdue in being tackled,” matters that include IP theft and Chinese steel and aluminum flooding the US market.
“Everyone knows ... China is the main perpetrator,” he said. “It’s an unprecedented level of larceny.”
“Just ask yourself: Would China have allowed America to do to it what China has done to America?” he said later. “This is predatory economics 101.”
The Chinese Embassy in Washington did not immediately respond to a request for comment.
Pompeo raised the trade issue directly with China last week, when he met in Beijing with President Xi Jinping and others.
“I reminded him that’s not fair competition,” Pompeo said.
President Donald Trump has announced a 25 percent tariff on up to $50 billion in Chinese imports. China is retaliating by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey. Trump also has slapped tariffs on steel and aluminum imports from Canada, Mexico and European allies.
Wall Street has viewed the escalating trade tensions with wariness, fearful they could strangle the economic growth achieved during Trump’s watch. Gary Cohn, Trump’s former top economic adviser, said last week that a “tariff battle” could result in price inflation and consumer debt — “historic ingredients for an economic slowdown.”
Pompeo on Monday described US actions as “economic diplomacy,” which, when done right, strengthens national security and international alliances, he added.
“We use American power, economic might and influence as a tool of economic policy,” he said. “We do our best to call out unfair economic behaviors as well.”