King Abdullah Economic City - Giant projects launched: Saudi Arabia's King Abdullah Bin Abdul Aziz on Wednesday launched several giant projects worth 138 billion Saudi riyals at the King Abdullah Economic City (KAEC) in Rabigh, near Jeddah, on the Red Sea coast.
KAEC is the single largest private sector project in the region developed by Emaar, The Economic City (Emaar E.C).
King Abdullah highlighted the role played by the economic cities in enhancing the competitiveness of the Saudi economy and ushering in socio-economic prosperity. He officially inaugurated the rollout of the Sea Port and the Industrial Zone, which includes a complete industrial city and plastic industry projects.
Amr Al Dabbagh, Governor of the Saudi Arabian General Investment Authority said the cost of its building, including infrastructure, would be borne by the private sector.
KAEC has set a new benchmark in creating economic growth opportunities in the Kingdom and has already attracted investments in several high-growth sectors such as industry, seaport, hospitality and real estate, he said.
King Abdullah launched several infrastructure, services and utility projects worth 79 billion riyals.
They included the Sagia building's smart services centre, Saudi Mall and Hotel, Ritz Carlton Hotel's international conferences centre, Al Bilsan Hotel and Mall and Holiday Inn Expresso Hotel.
Logistics Services
The King also laid the cornerstone for industrial and logistic services projects, including an integrated industries city, Emal aluminum smelter, plastic industries and a Total lubricant oil factory, all worth 32 billion riyals.
Foundation stones were also laid for knowledge industry projects that included the infrastructure for a smart city, medical care city, media production city, life sciences research complex, environmental protection centre, all worth 24 billion riyals.
Emaar, The Economic City was established in September 2006 as a Saudi joint stock company managed by Emaar Properties and a number of high profile investors from Saudi Arabia.
Emaar E.C has a share capital of 8.5 billion riyals consisting of 850 million shares. Emaar E.C. already has a strong workforce of which around 64 per cent are Saudis.
More than 7,000 professionals are currently employed on site with the number expected to increase to 10,000 in a year.
KAEC has the potential to create one million jobs and will be home to two million people.
The groundbreaking ceremony was held at KAEC on Wednesday evening in the presence of Saudi Crown Prince Sultan Bin Abdul Aziz, chairman of the Allegiance Commission Prince Mishal Bin Abdul Aziz as well as several princes and senior officials, including Mohammad Ali Al Abbar, chairman of Emaar E.C., Abdullah Saleh Kamil, vice-chairman of Emaar E.C., and Fahd Al Rasheed, CEO of Emaar E.C.
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