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.


Dubai’s Al Maktoum airport expansion delayed until 2030

Updated 7 min 47 sec ago
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Dubai’s Al Maktoum airport expansion delayed until 2030

DUBAI: A major expansion of Dubai’s second airport Al Maktoum International will open in 2030, the emirate’s government said, five years later than officials had previously indicated.
The airport will be able to handle 130 million passengers a year when the first phase of a planned expansion opens in 2030, and ultimately more than 260 million passengers a year, the statement, released by the Dubai government’s media office on Thursday, said.
Dubai officials had previously said the first phase would open by 2025. The Dubai government media office could not immediately be reached outside working hours on Friday for comment on the reason for the delay.
Dubai expects to spend around $36 billion on the airport expansion and the Dubai World Central aviation complex where it is located.
Reuters reported on Oct. 3 that the expansion had been delayed and that the second stage of financing for the project had been delayed indefinitely.
It is not the first delay to the airport’s expansion. A smaller capacity increase is a year behind schedule, although it is expected to be finished this year. At that point the airport’s capacity is expected to be 26 million passengers per year.
The government also said that Dubai Aviation Engineering Projects (DAEP) had launched a tender to build the substructure for the airport, in what would be the largest single value contract issued for the airport to date.
Al Maktoum International, which opened to passengers in 2013, currently handles only a fraction of Dubai’s passenger traffic. It will be larger than main airport Dubai International, currently one of the world’s busiest, when the first phase of the expansion opens and eventually become the new base of Emirates airline.
Dubai Airports said in 2016 it was expanding Dubai International to handle 118 million passengers a year by 2023, 18 million more than initially planned, in case the development of Al Maktoum International was delayed.