King Abdullah's Economic City labour complex to reach news heights
King Abdullah Economic City (KAEC) in Rabigh is seeing a significant surge in foreign and domestic investments for the construction of residential and industrial facilities after more than 50 local and international companies have signed agreements with KAEC, some of which are in the process of setting up operations in the City while others are already operational.
Among the leading companies which are establishing their presence in KAEC and contributing to the overall economic and social development of the City, are USA's textile and plastic packaging firm Greif; pharma giants Pfizer and Sanofi Aventis; lubricants firm Total; Saudia Smart Technology Hub; Nesma Holding Co. Ltd and many others.
Commenting on this, Mohammed Othman Mallawi, Investor Relations Manager, Red Sea Housing Services Company, explained that the huge interest from local and international investors in KAEC has accelerated the pace of business and projects in the City, which has subsequently boosted demand for labour camps across these projects. In this regard, he added that Red Sea Housing Services recently received the approval from the Economic Cities Authority (ECA) to begin construction of labour camps in King Abdullah Economic City.
Mallawi further added that Red Sea Housing Services is set to begin construction of a SAR 50 million labour complex, spread across a 150,000 sq m area in KAEC, by the first quarter of 2014 to accommodate the workforce that is involved in the completion of KAEC and the staff of companies operating within the City. The labour complex project is expected to have a maximum capacity of 5,000 residents upon completion.
- The UAE-Egypt Affair: Behind the scenes of Cairo's $40 billion housing initiative
- Revealed: Dubai's $300 million Green "Oasis"
- Why Dubai's housing market is more riskier than we thought
- Kuwait: Investment sector continues to lead real estate sales
- Why GCC nationals are rushing to buy property in this unexpected MENA country
- Emaar, The Economic City awards SR167 million contract to Nesma Holding Co. Ltd for infrastructure works within KAEC’s Resort Cove
- TOTAL To Establish Lube Oil Production Facility King Abdullah Economic City
- Emaar, The Economic City signs MoU with Siemens to set up power grid at King Abdullah Economic City
- Saudi Arabia: Two more economic cities may be built
- King Abdullah Economic City opens investor registration for Industrial Zone