JEDDAH, 19 January 2007 — Saudi Arabian General Investment Authority (SAGIA) Governor Amr Abdullah Al-Dabbagh and Emaar Economic City’s Chairman Mohamed Ali Alabbar and board of directors members toured the project site of King Abdullah Economic City (KAEC) and the newly constructed Presentation Center, and evaluated the progress made. The Presentation Center, which is set to open soon, is equipped with the latest technological innovations to give potential investors an in-depth view of the project.
A Tadawul-listed company, Emaar Economic City is developing KAEC, the single largest private sector project in the Kingdom. The project has recently been expanded to an area of 168 million square meters. Al-Dabbagh met the board members to update them on the governmental initiatives that support economic cities in Saudi Arabia. Nidal Jamjoom, CEO, Emaar Economic City, outlined the progress made so far and the roll-out plan for the first phase.
“The visit of Al-Dabbagh underscored the major accomplishments of the company,” said Alabbar. “As a project inspired by the vision of Custodian of the Two Holy Mosques King Abdullah to ensure the prosperity of the Kingdom and its people, we are working to achieve his goals within a planned time frame. A company committed to the prosperity of the Kingdom, we are proud to announce that Saudis constitute more than 80 percent of our employees.”
He added: “We are thankful to the Saudi government for approving the KAEC masterplan. In the first phase of construction, we are developing the Sea Port, Industrial Zone, Resort District and Residential Zone — all of which are key drivers in attracting investors to KAEC. This complements the strategic efforts of SAGIA in ensuring sustainable economic growth of the Kingdom through focused investments in strategic sectors.”
Al-Dabbagh said: “The Saudi government has made tremendous progress in boosting the economy through encouraging investments in key growth areas that lead to job creation, enhancement of per capita income and thus, overall prosperity. SAGIA is focused on strengthening the economic city initiatives such as King Abdullah Economic City, which has the potential for multi-sectoral development.”
Through its investment-friendly environment, KAEC will accelerate the Kingdom’s growth in the face of a highly competitive global marketplace, and create diverse jobs for Saudis. SAGIA is the prime facilitator for KAEC.
The first phase, currently being rolled out, includes the construction of the Sea Port, Industrial Zone, Resort District and Residential Zone. Covering 13.8 million square meters, the Sea Port will be the largest in the region with a capacity of over 10 million twenty-foot equivalent unit (TEU) containers per year. The Industrial District will spread over 63 million square meters. The 4,000 net hectares of land will be dedicated to industrial and light manufacturing facilities.
The Resort District will feature 3,000 resort-style hotel rooms in twelve 4- and 5-star hotels. There will be two signature 18-hole golf courses and a leisure complex. An ideal place to work and live, the KAEC’s Residential Zone will have 250,000 apartments and 25,000 villas. The other components of KAEC include a Central Business District that features a Financial Island and the Educational Zone. Located on a greenfield site on the Red Sea coast, KAEC offers easy access to the two holy cities of Makkah and Madinah, and is near to Jeddah.