King Abdullah Economic City, the largest private sector development in the region developed by Emaar, The Economic City (Emaar.E.C) in association with the Saudi Arabian General Investment Authority (SAGIA) as prime facilitator, hosted a delegation from Mars, Incorporated, the leading global confectionary, food and pet care company.
H.E. Amr Bin Abdullah Al-Dabbagh, Governor, SAGIA; and Mr Nidal Jamjoom, Executive Director – Commercial Affairs, Emaar.E.C, welcomed the Mars, Incorporated delegation led by Ms Pamela Mars, Chairman, Mars, Inc.
Ms Roula Kamhawi, President for Africa, India and the Middle East; Mr Ahmed Bayoumi, GCC General Manager; Mr Patrick O’sullivan, GCC Sales Director; Mr Khaled Alkaff, GCC Commercial and Corporate Affairs Director, Mars Inc were also part of the delegation.
During the visit, Mr Al-Dabbagh presented an overview of the investment environment in Saudi Arabia and the significant progress made in reaching the goal of becoming one of the top 10 competitive nations by 2010.
Mr Al-Dabbagh said: “The visit of the Mars, Incorporated delegation to KAEC highlights the international interest in the investment opportunities presented by the project. SAGIA is working closely with Emaar.E.C to create a robust economic environment that will offer various investment options across a spectrum of growth sectors. This is in line with our Vision 10 X 10 to boost the Saudi Arabian economy as one of the top ten global investment destinations by 2010.”
Mr Nidal Jamjoom said: “The investor response to the first phase of KAEC has been strong with several manufacturers from various sectors looking at investment options in the Industrial Zone. Mars, Incorporated is a global name in confectionary products and the visit of the company’s delegation gives momentum to our efforts to showcase the various opportunities within KAEC.”
Ms Pamela Mars said: “KAEC has a strong growth platform for industries – and will be a perfect fit for companies expanding in the region. Mars, Incorporated has a significant market presence in the Middle East, and we are identifying growth opportunities to further our manufacturing base and market reach.”
Mars, Incorporated is a family-owned company that produces some of the world’s leading confectionery, food and pet care products and has growing beverage and health & nutrition businesses. Headquartered in McLean, VA, Mars, Incorporated operates in more than 65 countries and employs more than 40,000 associates worldwide.
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.
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.
