King Abdullah Economic City, Saudi Arabia – 3rd March, 2010: Twenty-two Young Presidents Organization (YPO) members from 10 countries networked at King Abdullah Economic City (KAEC) under the patronage of HE Amr Al Dabbagh, Governor of Saudi Arabian General Investment Authority (SAGIA), and Mr. Fahd Al-Rasheed, Chief Executive Officer and Managing Director of Emaar, The Economic City (EEC), the Tadawul-listed company developing KAEC.
Mr. Fahd Al Rasheed presented to the Young Presidents Organization the progress taking place in KAEC from 2007 till present date including an update on the handovers done on a wide range of residential units at Bay La Sun, land plots in the Industrial Valley, offices at the Business Park as well as a wide variety of retail space throughout the city. The Seaport at KAEC, added Al-Rasheed, located on the Red Sea, has been designed to play an essential role in linking Europe, Africa and Asia through two major international Maritime Navigations. Located in close proximity to Jeddah, Makkah and Madinah, KAEC Seaport will serve more than 250 million consumers across the region.
Peter Provenzano, Director of Supply core ME and a member delegate of the YPO said:” The [KAEC's] vision of success is world class; the implementation that you’ve started is very impressive. There is so no doubt in my mind that the city will be successful, because Saudi Arabia has the resources to materialize this world class vision.”
“I genuinely felt proud to be Saudi, knowing that a project of the scale and magnitude of King Abdullah Economic City is materializing in my country. The opportunities present in KAEC, as demonstrated, will yield excellent returns on investment and contribute to the economic growth and prosperity in the Kingdom”, commented Salman Al Jishi, Saudi YPO’s member, President of Salman Commercial Group and Head of the Industrial Committee at the Chamber of Commerce – Eastern Region.
YPO connects the world’s most successful young presidents and CEOs in a global business network but unlike any other in the world. Founded 60 years ago, YPO today unites and serves nearly 17,000 members through 200 branches in more than 100 countries around a shared mission: Better Leaders through Education and Idea Exchange.
KAEC is coming to life as a large number of companies and organizations, including Emaar, The Economic City have already started carrying out their daily operations from KAEC, as the first wave of residents are settling down in the city, becoming the core of KAEC's future communities.
