KING ABDULLAH ECONOMIC CITY SHOWCASES INVESTMENT OPPORTUNITIES IN SEVERAL VITAL SECTORS AT THIRD TIME FORUM
KAEC offers promising investment opportunities worth more than SR 7 billion in the logistics, industry, leisure, commerce, housing, health and education sectors.
King Abdullah Economic City announced on Wednesday November 8, 2017 the signing of a series of agreements and partnerships on the sidelines of the third edition of the Time Forum.
The signings include: an agreement between the General Customs Authority and the Economic Cities Authority (ECA) to establish a deposit and re-export zone in King Abdullah Economic City (KAEC); an agreement to establish an auto racing circuit at Lagoona and Marina Dreams; an agreement to establish a gas station; and another to expand the Industrial Valley. In addition there were agreements in the real estate development, tourism and leisure sectors, and supporting administrative services.
The forum was held under the patronage of His Excellency the Governor of the Saudi Arabian General Investment Authority (SAGIA), Eng. Ibrahim bin Abdulrahman Al-Omar.
In his address to the attendees, Governor Al-Omar said, “Under Vision 2030 we are creating new growth engines in strategic sectors such as transport, healthcare, ICT, renewable energy and local manufacturing to drive greater economic diversification in the Kingdom of Saudi Arabia.. KAEC, which combines a strategic location, strong national and international connectivity and a robust private sector mindset, is an important part of our vision for the future.”
“The interaction and turnout of local, regional and international companies at the Time Forum shows the strength, firmness and attractiveness of the Saudi economy,” he added. “Today, King Abdullah Economic City is one of the main development engines in the region and is witnessing rapid growth in a range of promising sectors such as infrastructure, services and facilities.”
The Governor’s speech was preceded by a welcome speech delivered by Fahd Al-Rasheed, Group CEO and Managing Director of KAEC, in which he presented the latest developments, achievements and strategic vision of the Economic City. Following this, the business leaders at the Economic City showcased a package of projects and investment opportunities worth more than SR 7 billion in the logistics, industry, leisure, commerce, housing, health and education sectors.
Al-Rasheed emphasized the important role that the government has played in the success of the city through its emphasis on the development of the non-oil economy. Al-Rasheed emphasized the value of the public-private partnership model in attracting investors interested in the promising opportunities offered by KAEC. He also highlighted the key role played by the city in generating quality employment opportunities for young Saudis.
Time Forum is a platform where KAEC’s leaders meet with partners from ministries, government agencies, the private sector and other interested parties. This year the Forum was attended by more than 300 national and international investors and leaders from business and government. It also witnessed the participation of representatives of international organizations including the Young Professionals’ Organization (YPO) and a delegation of global leaders interested in the development of major global infrastructure projects.
“We thank our partners in King Abdullah Economic City for their efforts and we wish this forum to achieve its desired goals and objectives by showcasing the unique investment opportunities available at KAEC,” said Mohanud Helal, Secretary General of the Economic Cities Authority. “These investments help diversify the economy and create quality jobs for young Saudis.”
He went on to say: “KAEC is considered today a living example of public-private partnership that is based on the nimbleness of the master developer combined with a very positive regulatory response and cooperation on the part of the public sector. We aspire that this model reflects a tangible manifestation of one of the objectives of Vision 2030: an ambitious nation effectively governed.”
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 Haramain Railway district and the Industrial Valley. The city is under development by Emaar, The Economic City, a publicly listed Saudi joint-stock company established in 2006.