Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), hosted His Excellency Per Carl Gustav Unckel, Governor of Stockholm County and His Excellency Jan Thesleff, the Swedish Ambassador in the Kingdom, on a tour of the Swedish business delegation to KAEC on November 4 and 5, 2008. The delegation is exploring potential opportunities in the mega-project.
Mr Fahd Al-Rasheed, Board Member and Chief Executive Officer, Emaar.E.C, welcomed the delegation, and presented an overview of the investment opportunities within KAEC.
Saudi Arabia is an important trade partner of Sweden in the Middle East, and the tour of the Stockholm County delegation is expected to boost inward investments to Saudi Arabia by leveraging on the growth opportunities offered by KAEC in several sectors.
Mr Al-Rasheed said: “Saudi Arabia is one of the best markets in term of attracting foreign investments. Several international organisations are exploring the opportunities in Saudi Arabia. King Abdullah Economic City, as one of the prime drivers of socio-economic growth in the Kingdom, offers a vast array of business investment options.”
He added: “The visit of the Swedish delegation will further energise inward investments to KAEC, especially in the Industrial Zone, which will complement Sweden’s current exports to Saudi Arabia of machinery, telecommunication equipment, trucks & buses, pharmaceuticals and heating & cooling equipment. By establishing manufacturing bases within KAEC, Sweden can further add to their existing business in the region.”
The visiting delegation toured the KAEC project site and evaluated the pace of ongoing construction. Work on various components within KAEC is currently being undertaken according to schedule.
Located on the Red Sea coast, the 168 million sq m KAEC has six key zones: The Sea Port, Industrial Zone, Central Business District, Educational Zone, Resort Zone and Residential Communities. The first phase of the mega-project comprising the Sea Port, Industrial Zone and Residential Communities has been launched to overwhelming investor response. KAEC has already attracted SR130 billion inward investments this year, particularly driven by the Industrial Zone.
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.
