JEDDAH: Prince Sultan bin Salman, chairman of Saudi Commission for Tourism & Antiquities (SCTA) visited King Abdullah Economic City (KAEC) in Rabigh, north of Jeddah, on Wednesday. A high profile SCTA delegation and top Spanish representatives from the tourism and antiquities sectors accompanied him.
Fahd Al-Rasheed, board member and CEO of “Emaar, the Economic City,” along with senior management of the company welcomed the prince and his delegation and gave an overview of KAEC’s six components, as well as the investment opportunities offered by the mega project.
During his tour of KAEC, a visibly impressed prince observed parts of the project that are in progress. He also visited the Marine Tower in the Bay La Sun Village, which is located 150 meters from the beach and next to the Business Park. “This and other new city projects will certainly boost our tourist interests,” he remarked.
Al-Rasheed gave a detailed overview of the project, which Emaar is developing and described it as the “biggest private sector project in this part of the world.”
Prince Sultan and his delegation’s visit as well as previous visits by royals and officials from different countries, reflect the importance of KAEC as a key destination for investors from around the world, Al-Rashed claimed.
“In fact, the project is the initiative of Custodian of the Two Holy Mosques King Abdullah who was recently recognized globally for his initiatives and wise vision.”
Speaking to the media, the prince said SCTA had a comprehensive plan for the development of the Kingdom’s tourism sector over the next three years. “SCTA’s new plan will involve decentralizing the management of the Kingdom’s tourism sector, handing out major roles to regional and local communities,” he added.
The KAEC is spread over 168 million sq.m. on the Red Sea coast and has six key components: The Sea Port, Industrial Zone, Central Business District, Educational Zone, Residential Communities and Resort Zone. When completed in phases, the mega-project has the potential to create around one million jobs and will be home to over two million people, Al-Rasheed said in his presentation.
The Spanish delegation, which comprised officials from tourism & antiquities, food, real estate and financial firms, included Jonathan Tod, founding member and chairman of Guggenheim Partners, a global, independent, privately held, diversified financial services firm with more than $100 billion in assets. “The potential for overseas participation and investment is huge in this dynamic and economically buoyant country,” Tod remarked.
