JEDDAH, 27 June 2007 — A 29-member delegation of Singaporean entrepreneurs led by Lee Yi Shyan, minister of state, Ministry of Trade and Industry, and VP Hirubalan, Singapore Ambassador to Saudi Arabia, recently visited The Economic City (Emaar.E.C). They were welcomed by Amr Bin Abdullah Al-Dabbagh, governor, Saudi Arabian General Investment Authority (SAGIA), Dr. Abdulraouf M. Mannaa, managing director, and Eng. Nidal Jamjoom, chief executive officer.
The company in a statement issued yesterday, quoted Al-Dabbagh saying “Saudi Arabia shares growth synergies with Singapore already and the interest shown by the delegation in KAEC will further reinforce the Kingdom’s status as a global investment destination.” “It will complement SAGIA’s vision to make Saudi Arabia one of the most competitive global economies by 2010,” he added.
Lee said “our relations with Saudi Arabia are going from strength to strength, and we thank the Saudi authorities for their vision in building six economic cities.” “We believe that more Singaporean companies and Saudi Arabian entrepreneurs must join hands to strengthen this partnership further,” he noted.
He added: “Singaporean companies are very committed to leverage on the investment opportunities presented by KAEC. We are confident that it is only a matter of time before Singaporean companies start investing in KAEC. Right now, they are further exploring and understanding the market dynamics to enable them to perform better.”
Al-Dabbagh further said “as the pioneering economic city in the Kingdom, the development of KAEC, with a focus on global investments, will serve as a role model for economic growth initiatives.”
SAGIA is the principal facilitator of the 168 million sq m KAEC, the largest of its kind private sector-led development in the region. “The delegation was impressed by the investment options offered by KAEC, especially in technology and industry,” Mannaa said. “These are high-growth sectors that appeal to global investors and the advantages offered by KAEC in terms of location, logistics and overall facilities will serve as a magnet for entrepreneurs to set up base in the Kingdom,” he pointed out.
KAEC has six key components — the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities.
The KAEC Presentation Center and a 15-km access road have been completed. Construction of the first phase including the Industrial Zone, Sea Port, Resorts and Residential Communities is in progress.