JEDDAH: Emaar, The Economic City (Emaar.E.C.), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has signed a memorandum of understating (MoU) with StrateSphere Enterprises LLC (StrateSphere) in collaboration with PolymerOhio, Inc. and the Saudi Arabian General Investment Authority (SAGIA).
As per the agreement, StrateSphere and PolymerOhio, the association of the world’s major polymer and plastics manufacturers representing Ohio as a global center of excellence in polymers and advanced materials, along with Emaar.E.C. and SAGIA, will pursue the development of KAEC Plastics Valley. The goal is to position KAEC Plastics Valley as a global center of excellence in the plastics sector, like Ohio.
Custodian of the Two Holy Mosques King Abdullah unveiled the KAEC Plastics Valley, a key component of the Industrial Zone, during his recent tour of the mega-project.
Fahd Al-Rasheed, board member and CEO, Emaar.E.C., and Tariq Farwana, managing director, StrateSphere Enterprises, a private corporate group with a particular business focus on industries, signed the agreement in Jeddah, in the presence of Sami Al-Halabi, acting executive director-commercial, Emaar.E.C., and other company officials.
“The twinning memorandum of understanding will ensure that the knowledge base of Ohio’s plastic manufacturers is seamlessly transferred to KAEC plastics industries thus creating a parallel hub for the industry. The association is doubly significant given the advances that PolymerOhio has made in sustainable thinking and strategies for the plastics industry. These best practices will serve as a model for KAEC to develop the Plastics Valley,” Al-Rasheed said.