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The King Abdullah Economic City News Detail

The King Abdullah Economic City News Selection

View The King Abdullah Economic City News By Title

The King Abdullah Economic City News Details
Groundwork advancing at King Abdullah Economic City
Posted: Mar 23, 2008

The single largest private sector initiative in the Kingdom, KAEC is a SR100 billion (US$26.6 billion) project off the Red Sea Coast covering a Greenfield site of 55 million sq m. Saudi Arabian General Investment Authority (SAGIA), the body responsible for inward investments to the Kingdom, is the prime facilitator of KAEC.

King Abdullah Economic City will undertake mixed-use developments in its six components: a modern world-class seaport, industrial district, financial island, educational and healthcare zone, resorts and the residential area. The overall project will be completed in stages, with the first batch of commercial houses and residents expected to take possession within 30 to 36 months.

KAEC will integrate into the Kingdom’s on-going drive to expand the economy, create employment opportunities for its youngsters, catalyze foreign investment inflow and global trade, and boost commerce and industry.

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.
 
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