HRH Prince Khalid AlFaisal visits King Abdullah Economic City
His Royal Highness Prince Khalid AlFaisal, Governor of Makkah Al-Mokarramah region, visited King Abdullah Economic City (KAEC) and evaluated the project developed by Emaar, The Economic City (Emaar.E.C). He expressed confidence in the mega-project’s overall progress and its potential to contribute to the socio-economic prosperity of the Kingdom.
HRH Prince Khalid AlFaisal was welcomed by HE Mr Amr Bin Abdullah Al-Dabbagh, Governor, Saudi Arabian General Investment Authority (SAGIA), the prime facilitator of KAEC; and Mr Fahd Al-Rasheed, Board Member and Chief Executive Officer, Emaar.E.C, in the presence of His Highness Eng. Adel Mohammed Faqeeh, Mayor of Jeddah, His Highness Mr Taha bin Omar bin Mobaireik Al Ghanmi, Governor of Rabigh, senior officials and business leaders.
HRH Prince Khalid was also briefed on the launch of Esmeralda Suburb, the first townhouse and golf community in KAEC. He congratulated the team members working on the project. Spread over 160,000 sq m, Esmeralda Suburb is a fully integrated neighbourhood with schools, retail centres, health & fitness facilities and a range of leisure amenities. The villas are strategically placed in clusters of 2, 4, 6 and 8 thus offering greater privacy for residents while assuring a sense of community living.
Mr Al-Dabbagh said: “King Abdullah Economic City complements the vision of The Custodian of the Two Holy Mosques King Abdullah Bin AbdulAziz Al Saud to energise the local economy through strong developmental initiatives. The visit of His Royal Highness Prince Khalid AlFaisal reiterates the interest of the government in KAEC, which is poised to usher in a new era of socio-economic prosperity.”
Mr Al-Rasheed added: “The visit of His Royal Highness Prince Khalid comes at one of the most dynamic stages in the evolution of KAEC. Work of several components is progressing on schedule and the launches of residential communities are gaining overwhelming strong investor response. KAEC is now regarded as one of the most attractive investment destinations by global investors.”
Located on the Red Sea coast on 168 million sq m, KAEC has six components: the Sea Port, Industrial Zone, Central Business District, Educational Zone, Resort District and Residential Communities. Esmeralda Suburb is part of the Residential Communities. The first phase of the project has been launched to strong investor response and work is progressing according to schedule.
About Emaar, The Economic City:
Emaar, The Economic City (Emaar.E.C), established in September 2006, 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. Thirty per cent of the equity, worth SR2.55 billion, was offered for public subscription.
Emaar.E.C leads the master-planning and development of the 168 million sq m 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 – sea port, industrial district, 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.