Prince of Al Madinah Province His Highness Prince Abdulaziz Bin Majed Bin Abdulaziz, today, visited King Abdullah Economic City (KAEC), the single largest private sector project developed by Emaar, The Economic City (Emaar.E.C).
H.E. Amr Bin Abdullah Al-Dabbagh, Governor, Saudi Arabian General Investment Authority – the prime facilitator of the project; and Mr Fahd Al-Rasheed, Board Member and Chief Executive Officer, Emaar.E.C, welcomed the Royal Highness and his delegation.
His Highness Prince Abdulaziz Bin Majed said: “We are very pleased with the information and the overview presented to us about the KAEC. Without doubt, KAEC will give further momentum to the economy of Saudi Arabia and the region at large, as it creates more job opportunities.”
He added: “Due to the initiative and support of the Custodian of the Two Holy Mosques King Abdullah Bin Abdulaziz, such mega projects make every person feel proud and very thankful to Allah.”
Mr Al-Dabbagh presented an overview of the investment environment in Saudi Arabia and the significant progress made by the Kingdom in attaining the government’s Vision 10x10 of becoming one of the most competitive economies in the world by 2010.
Mr Al-Dabbagh said: “The visit of His Highness Prince Abdulaziz Bin Majed Bin Abdulaziz highlights the important role played by mega-projects such as KAEC in contributing to the socio-economic growth of the Kingdom. KAEC has already evolved as a preferred investment destination for businesses from around the world.”
Mr Al-Rasheed presented an overview of KAEC and its six key components. He said: “We are honoured to welcome His Highness Prince Abdulaziz Bin Majed Bin Abdulaziz to KAEC. His valuable guidance and support lend further momentum to developing the project, which aligns with the vision of the Saudi government for the Kingdom.”
KAEC has six key components: the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities.
Work is progressing according to schedule on the first phase of KAEC including the Industrial Zone, Residential Communities, Sea Port and Resort Zone. KAEC recently unveiled Bay La Sun Village, the first residential component of the project, to overwhelming investor response.