JEDDAH: Twenty-eight present and former heads of state will attend the 27th session of the Council for International Understanding (CIU) at King Abdullah Economic City (KAEC) in Rabigh May 10-13. The event will also be attended by more than 200 Saudi and foreign political, intellectual and business leaders.
“The Kingdom’s hosting of the conference reflects the support of Custodian of the Two Holy Mosques King Abdullah for investment projects in the Kingdom,” said an official statement. “The KAEC is considered the largest single private sector investment project in the Kingdom,” it added.
Projects like the KAEC would reduce the migration of Saudis from less developed area to the cities, said Fahd Al-Rashid, board member and CEO of Emaar Economic City.
Total investments in the city reached SR4.8 billion last year. The number of engineers and technicians working in the city rose to 13,000 while the number of housing units sold in 2008 reached 1,124 with a total value of SR2 billion.
A number of industries have started building their facilities in the city.
“The KAEC has been successful in attracting huge foreign investments during the past few years,” the statement said.
The Economic City has signed a Memorandum of Understanding (MoU) with Sanofi-Aventis to establish a leading global pharmaceutical company in KAEC.
Developed by Emaar E.C, with SAGIA as the prime facilitator, the KAEC has emerged as one of the global hotspot investment destinations in a range of industries. Sanofi-Aventis is one of the first pharmaceutical majors to establish a significant presence in the KAEC, which will also have a full-fledged Healthcare City to drive the medical needs of its residents.
“SAGIA is committed to achieving its Vision 10x10 of making the Kingdom one of the world’s top 10 investment destinations. As a pioneering Economic City, KAEC is strengthening Saudi Arabia’s standing as a globally preferred destination for investors,” said Amr Al-Dabbagh, governor of SAGIA.
Located by the Red Sea Coast on an area of 168 million sq. meters, the KAEC has six key components — The Sea Port, Industrial Zone, Central Business District, Educational Zone, Resort District and Residential Communities. Emaar E.C has launched the first phase of the project to overwhelming investor response.
