MADINAH, 31 March 2008 — The Knowledge Economic City (KEC) has begun preparatory works for construction of buildings at its site in Madinah. The decision comes following the endorsement of the construction project by Saudi Arabian General Investment Authority (SAGIA).
A number of national contracting companies are taking part in the first phase of the project, which will see construction of 100 villas and 300 apartments. Total area allocated for the whole project, including the first phase, is about 4.8 million square meters. The project offers distinct investment opportunities to businesses in Madinah.
“All contracts for phase one have been signed with renowned companies that will ensure implementation of the project as per schedule,” Ibrahim Al-Essa, chairman, KEC Developers Co., said.
KEC Al-Madinah will herald a rapid qualitative growth of the region and contribute in generating investment opportunities toward the progress of the economy in Madinah in particular and the whole of Saudi Arabia in general, he added.
The location of KEC in Madinah has enhanced its position, ensuring that it will come up to the expectations of investors and attract visitors and pilgrims from all over the world.
“We are confident that we will gain the trust of investors to turn Madinah into an international knowledge-based center where you can find international expertise in all fields of knowledge, technology and communication,” Sheikh Ibrahim added.
He said that KEC has placed a long-term strategy to achieve excellence by utilizing state-of-the-art technology at all levels and phases form planning to construction.
Dr. Yousuf Al-Othaimeen, secretary-general of the King Abdullah Foundation, said: “KEC is the first of its kind knowledge-based city in the Kingdom. It is part of the government’s plan to ‘rationalize’ capitals and attract investment in various projects throughout the Kingdom.”
He said that KEC is one of the “fruits” of the visit of Custodian of the Two Holy Mosques King Abdullah to Madinah. It will come up in the next few years. It is going to be a landmark place attracting scientists and Muslim scholars from all over the world. Dr. Al-Othaimeen expressed his pleasure that his establishment is part of KEC.
Tahir M. Bawazir, CEO of KEC, said that the “infrastructural preparatory phase has begun following the completion of the project’s master plan. The detailed engineering work will start in a few weeks. It will be followed by construction works as scheduled.”
He expressed the hope that KEC will be a center of excellence for visitors as well as residents of Madinah.
“It will become an international knowledge-based industry and a landmark for the development of economy. This will also fulfill the expectations of King Abdullah,” he added.
Bawazir indicated that KEC will promote locally developed R&D concepts to suit the objectives of the developers. He assured that his company was keen on commissioning the project at its scheduled time.
