The Saudi Arabian General Investment Authority (SAGIA) and Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), today, hosted over 37 international media professionals on a visit to the project site organised by General Electric Company (GE) as part of its ‘Build the Middle East’ tour.
The media represent leading publications and news agencies from the US, Europe, Middle East, North Africa and Asia. The tour was also joined by members of the Saudi media.
At a media briefing held at the KAEC Presentation Centre, H. E. Mr Amr Bin Abdullah Al-Dabbagh, Governor, SAGIA, presented the SAGIA’s Vision 10 x 10 for the Kingdom to become one of the top 10 most competitive nations in the world by year 2010. “SAGIA is committed to enhancing the investment potential of the Kingdom; solve difficulties, if any, that are faced by regional and international investors; and establish a national centre that will ease and encourage investments into the Kingdom,” he said.
He added: “The Kingdom, under the guidance of The Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud, has adopted several key measures to achieve our objective. The founding of Economic Cities is one of the strategic initiatives in this direction. We are also committed to developing a strong power, transport and industry base, which will serve as a platform for Economic Cities to thrive and create a favourable growth environment for international investors.”
Mr Al-Dabbagh also highlighted the role of GE in establishing long-term development partnerships with the region and its innovative technologies and solutions that contribute to developing various economic sectors.
SAGIA is the prime facilitator of KAEC, a 168 million sq m project, located on the Red Sea coast offering easy access to the two Holy Cities of Makkah and Medina, and the commercial nerve-centre, Jeddah. KAEC has six key components: the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities.
Mr Nidal Jamjoom, Chief Executive Officer, Emaar.E.C, made a detailed presentation on KAEC, the investment opportunities offered by the project, and a time-line for the project’s completion. He said: “KAEC will meet the highest international standards in project execution, and create a new platform for regional and international investment through its six zones. The project has already gained global attention and investor response has been strong.”
“KAEC is expected to usher in a new era of economic prosperity to the Kingdom and has the potential to create one million job opportunities,” added Mr Jamjoom. “The visit organised by GE reflects the strong growth potential offered by KAEC, which has been inspired by the vision of The Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud.”
Mr John Rice, Vice Chairman, GE, showcased the regional growth of the company and its efforts in meeting the needs of emerging economies in the region, and preparing them for the future. He said that GE is focused on building sustainable foundations in the region through effective public-private partnerships in sectors as wide ranging as oil & gas, infrastructure, healthcare, aviation, security and finance.
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 – the sea port, industrial zone, 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.
