King Abdullah Economic City, Saudi Arabia, July 6, 2010 :


His Highness Prince Fahd bin Abdullah bin Mohammed Al Saud, Assistant Minister of Defense and Aviation and Inspector General, Chairman of the Economic Offset Committee, has recently visited King Abdullah Economic City (KAEC). HH was received by HE Mr. Amr Al Dabbagh, Governor and Chairman of the Board of the Saudi Arabian General Investment Authority (SAGIA), Chairman of the Board of Directors of the Economic Cities Authority (ECA), and Mr. Fahd Al Rasheed, Managing Director and Chief Executive Officer of Emaar, The Economic City (EEC), the Tadawul-listed company developing KAEC.

HE Mr. Al Dabbagh presented the delegation with the city's development and construction progress. He highlighted that one of the prominent features of KAEC is the availability of ECA's cornerstone facility that, through its "60/24/7" system, empowers services to investors round the clock and process completion in under 60 minutes. Mr. Al-Rasheed presented to the delegation the past three years' achievements of KAEC including an update on the handovers done on a wide range of residential units at Bay La Sun, land plots in the Industrial Valley, offices at the Business Park as well as a wide variety of retail space throughout the city. KAEC is coming to life as a large number of companies and organizations have already started carrying out their daily operations from KAEC, as the first wave of residents are settling down in the city, becoming the core of KAEC's future communities.

HH Prince Fahd asserted that KAEC is a major contribution to development and national economy and is the realistic embodiment of the vision of the Custodian of the Two Holy Mosques that aims to advance the Saudi economy. He said that KAEC is a source of pride for all Saudi Arabians and beacon of achievements for all economic cities in the Kingdom.