KING ABDULLAH ECONOMIC CITY LAUNCHES AN EXCLUSIVE RELOCATION PROGRAM FOR COMPANIES
White collar companies, government agencies among the first to benefit from the program
Following its success in developing a world class logistics and manufacturing hub, King Abdullah Economic City (KAEC) is shaking up the market for corporate office space with an innovative Corporate Relocation program. The program offers financial and logistical support to national companies and Saudi entrepreneurs establishing offices in KAEC.
The unique holistic package provides companies with a package of incentives including rent-free office space for up to five years in the modern Bay Views Business Park as well as transportation, housing and education support for employees. Saudi employees will also be eligible to join KAEC’s home ownership program, which offers 10 years free financing on properties in the city.
“This program was designed to enable companies to expand their operations at a time when cost control is paramount, KAEC’s Corporate Relocation Program provides a significant financial benefit as well as a package of integrated services and facilities that contribute to increased productivity,” said Fahd Al Rasheed, Group CEO and Managing Director of KAEC. “This initiative, which is fully aligned with Vision 2030, supports companies that contribute to the nation’s economic development and provides a crucial step up for entrepreneurs and SMEs seeking to establish or expand their business.”
The Corporate Relocation Program is the first initiative in the next phase of KAEC’s development as a major commercial center. With extensive manufacturing and logistics infrastructure already in place, the city is now attracting knowledge-based companies in the consulting, architecture, financial services, legal services, call centers and other related sectors.
The program has already attracted white-collar companies from the construction, IT, interior design, legal, project planning, automotive and import / export industries among others. The SME Authority soon will be establishing a presence at the Business Park to support the development of small and medium-sized businesses and startups that are launching operations at KAEC.
“The decision of several companies to locate in KAEC since the program was introduced recently underlines the confidence that the business community has in the city’s potential, and its ability to support growth,” said Fahd Al-Rasheed. “The Corporate Relocation program is a unique initiative and provides a timely incentive for companies to enjoy the city’s many advantages at little or no risk.”
KAEC has allocated a dedicated e-mail account (CRP@kaec.net) and a call center service via the city’s toll-free number (800 11 800 10) to receive enquiries from companies interested in the Corporate Relocation Program.
About King Abdullah Economic City
King Abdullah Economic City (KAEC) is the largest privately-funded new city in the world. Situated on the west coast of the Kingdom of Saudi Arabia, KAEC covers an area of 181 square kilometers of land, approximately the size of Washington DC. KAEC comprises King Abdullah Port, the Coastal Communities residential districts, the Industrial Valley and the Hejaz district, which includes the Haramain high speed rail station. The city is under development by Emaar, The Economic City, a publicly listed Saudi joint-stock company established in 2006.