JEDDAH, 1 May 2008 — Prince Abdul Aziz ibn Majed, the governor of Madinah, yesterday visited King Abdullah Economic City (KAEC), the single largest private sector project developed by Emaar, The Economic City (Emaar.E.C).
SAGIA chief Amr Al-Dabbagh and Fahd Al-Rasheed, board member and chief executive officer, Emaar.E.C, welcomed Prince Abdul Aziz and his delegation.
Prince Abdul Aziz said: “We are very pleased with the information and the overview presented to us about the KAEC. Without doubt, KAEC will give further momentum to the economy of Saudi Arabia and the region at large, as it creates more job opportunities.”
He added: “Due to the initiative and support of the Custodian of the Two Holy Mosques King Abdullah Bin Abdul Aziz, such mega projects make every person feel proud and very thankful to Allah.”
Al-Dabbagh, the governor of SAGIA (Saudi Arabian General Investment Authority), presented an overview of the investment environment in Saudi Arabia and the significant progress made by the Kingdom in attaining the government’s Vision 10x10 of becoming one of the most competitive economies in the world by 2010. Al-Dabbagh said the visit of Prince Abdul Aziz “highlights the important role played by mega projects such as KAEC in contributing to the socio-economic growth of the Kingdom. KAEC has already evolved as a preferred investment destination for businesses from around the world.”
Al-Rasheed presented an overview of KAEC and its six key components. He said his organization felt honored to welcome Prince Abdul Aziz to KAEC. “His valuable guidance and support lend further momentum to developing the project, which aligns with the vision of the Saudi government,” he added.
KAEC has six key components: the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities.
Work is progressing according to schedule on the first phase of KAEC including the Industrial Zone, Residential Communities, Sea Port and Resort Zone. KAEC recently unveiled Bay La Sun Village, the first residential component of the project, to overwhelming investor response.
