King Abdullah Economic City (KAEC), the landmark project by Emaar, The Economic City (Emaar.E.C), will be a focal point of the Jeddah Economic Forum (JEF) 2007, to be held from February 24 to 27. Emaar.E.C is the Partner Sponsor of JEF, and is highlighting KAEC as one of the key investment vehicles in the Kingdom.
Work is ongoing at the KAEC site, which sprawls over 168 million sq m of land on the Red Sea Coast. Online registration for the Industrial District, a key zone of the project, has already begun. The Presentation Centre of KAEC and its access road have also been completed.
“One of the key objectives of JEF is to encourage regional and international entrepreneurs to invest in the Kingdom,” said Mr Nidal Jamjoom, Chief Executive Officer, Emaar.E.C. “This is a perfect reiteration of the founding objectives of KAEC, which has been inspired by the vision of The Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud to strengthen the Kingdom’s investment climate, create more job opportunities for Saudis and enhance their well-being.”
KAEC has the potential to create one million jobs in several high-growth sectors such as industries, information technology, education, retail and hospitality. “To achieve our goals, the project has envisaged six key components – the Sea Port, Industrial District, Central Business District (including commercial, mixed-use, retail and Financial Island), Resort, Educational Zone and Residential (including corniche and souks). These have been carefully selected to complement the socio-economic growth of the Kingdom,” added Mr Jamjoom.
Emaar.E.C will have a large display of the project’s various components at the JEF 2007 venue. Key management personnel will also be present to explain more about the potential offered by each component to the visiting dignitaries. “There is tremendous regional and international interest on KAEC already,” said Mr Jamjoom. “JEF 2007, as a meeting place of world leaders, accomplished entrepreneurs, veteran professionals and leading investors, serves as a perfect venue to highlight KAEC.”
He added: “The Industrial District, which is now open for online registration, will be a magnet for investors in large-scale industries as well as small and medium enterprises. At 63 million sq m, it will have 4,400 net hectares of land dedicated to industrial and light manufacturing facilities. Apart from the logistical support offered by the up-and-coming Sea Port, the Industrial Zone will also have incubators and light industrial modules to encourage local, start-up entrepreneurs.”
The first phase of KAEC is expected to be ready for handover in the last quarter of 2008 and will include areas of the industrial park, the port and commercial houses and the resort. Emaar.E.C also has plans to develop KAEC as the first ‘smart city’ in the world.
About Emaar the Economic City:
Emaar the Economic City (Emaar.E.C) is a Saudi joint stock company managed by Emaar Properties PJSC, one of the world’s largest property developers, and a number of high profile investors from Saudi Arabia. Emaar.E.C has a share capital of SR8.5 billion consisting of 850 million shares of nominal value SR10 each. Shares worth SR2.55 billion were offered for public subscription.
Emaar.E.C leads the master-planning and development of King Abdullah Economic City (KAEC), a project being built on a pristine location off the Red Sea in the north of Jeddah. SAGIA (Saudi Arabian General Investment Authority), the body responsible for inward investments into the Kingdom, is the prime facilitator for KAEC.
KAEC, a New Age City being built today for tomorrow’s generation of Saudi citizens, has six components – sea port, industrial district, educational zone, central business district with commercial, mixed-use, retail outlets and financial island, resorts and residential area.
The mega-project works closely with the Kingdom’s on-going drive to expand the economy, create employment opportunities for its youthful population and function as a catalyst to attract foreign investment, global trade, commerce and industry. Based on initial forecasts, the project and its several components will create up to one million employment opportunities in the various industries and service-oriented companies that will open in KAEC. It will also be home to 2 million residents.
