KAEC sees huge influx of foreign investments

There is a huge influx of investments in business enterprises and industrial projects in the King Abdullah Economic City (KAEC), says a top official.
“We have signed more than 50 contracts with local and international companies, some of which are already operational while others are in the stage of constructing their commercial and manufacturing facilities,” said Fahd Al-Rasheed, managing director and CEO of KAEC.
He said KAEC was being favored by a growing number of businesses and investments in the city from local and international companies who are looking for a prime location that offers world-class infrastructure, state-of-the-art electricity, water and sewage network, telecommunications services, paved roads and storm water drain system to prevent flooding, as well as logistical and support facilities for all industrial, residential and commercial lands.
Al-Rasheed said: “Among the most important industrial companies in the KAEC are Mars Saudi Arabia, which has the largest chocolate factories in the world; Greif, a world leader in textile and plastic packaging products and services; Pfizer Saudi Arabia and Sanofi Aventis, both pharmaceutical giants; Tamer Group, a leading Saudi company specializing in health care; Total, one of the world’s largest lubricant companies; Saudi Airlines Catering and Saudi Smart Technology Hub; Petra; Engineering Industries and Al-Salem Johnson Controls, both major manufacturers of air conditioning and refrigeration; Almarai; and Panda, along with many others.”
He said: “All of these have the advantage of the city’s proximity to King Abdullah Port, which is expected to begin its pilot operation during the last quarter of this year, with a capacity to receive 1.3 million containers per year.”
Al-Rasheed added: “The huge influx of investments in business enterprises and industrial projects have resulted in a surge in demand on residential accommodation for employees and workers, which KAEC is meeting by offering a wide range of housing solutions that are suitably priced for different income levels, some of which are already fully operational.”
For example, the Bay La Sun District that offers a modern and sophisticated life style, which includes the Marina Towers and Beach Towers; the Bay La Sun Hotel and Marina, which is the first hotel to open in the city; the Oceana luxury resort located on the Red Sea coast; and the business park.
In addition, Al-Murooj District, which is the first area dedicated for the construction of luxury residential villas, and the Tala Gardens neighborhood, which offers residential lands of various sizes at competitive prices, as well as the labor campus located in KAEC Industrial Valley that includes all needed facilities and services.
The handover of the first phase is in the first quarter 2014.
Al-Rasheed added: “All those residential neighborhoods are supported by different services and facilities such as the World Academy School, which is already open with a total capacity of 2,250 students, the first medical center for primary care and emergency operated by Dr. Soliman Fakeeh Hospital Company.”
Also, he said retail schemes had been rented out and a number of restaurants, cafes, sales outlets and pharmacies were already open.