Emaar.E.C and Makkah Chamber of Commerce and Industry discuss real estate investment options in KAEC with Makkah developers
• Showcases progress achieved in developing KAEC and investment opportunities in various growth sectors
Makkah Chamber of Commerce and Industry (MCCI) invited Makkah real estate developers to discuss investment opportunities with Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC).
Mr. Yaser Abdullah Awan, MCCI Secretary General, hosted the meeting attended by major real estate investors led by Al Shreif Mansoor Abu Ryash, President of the Real Estate Committee and sponsor of the event, and the media.
Mr. Awan welcomed the audience and thanked Mr. Fahd Al-Rasheed, Board Member and Chief Executive Officer, Emaar.E.C. for his participation. Mr.Abu Ryash thanked the participants and MCCI for their interest in the event, which is expected to lead to new business deals and investments. He highlighted the real estate investment boom and the mega-projects being developed in the Holy City of Makkah.
Mr. Al Rasheed presented an overview of the six components of KAEC, which spreads over 168 million sq m on the Red Sea coast. He focused on the investment opportunities within the Sea Port, Industrial Zone, Central Business District, Resort District, Educational Zone and Residential Communities.
Mr Al-Rasheed said: “The first-of-its-kind meeting with the Makkah Chamber of Commerce & Industry highlights the strong linkages that Emaar.E.C shares with decision-makers in economic, financial, strategic and communication sectors. The meeting served as an ideal platform to address officials, entrepreneurs and industry leaders, and highlight the core message of KAEC as one of the most promising investment destinations in the region.”
He added: "The mega-project enjoys the patronage of the Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud, and is part of his vision for the socio-economic progress of the Kingdom. I thank the participants for the overwhelming support and look forward to significant investments from Saudi entrepreneurs in KAEC.”
Work on the first phase of KAEC including the Industrial Zone, Residential Communities, Sea Port and Resort Zone is progressing as per schedule. Several construction contracts have been awarded to high-profile Saudi companies.
