Emaar the Economic City signs MoU with Saudi Research & Marketing Group

Riyadh, May 23, 2006: Emaar the Economic City, the main developer of King Abdullah Economic City, yesterday signed a Memorandum of Understanding (MoU) with Saudi Research & Marketing Group (SRMG). The MoU states the intention of the parties to enter into a long-term agreement by which SRMG will be responsible for the organization of conferences and exhibitions in addition to the production of all promotional material for King Abdullah Economic City (KAEC). 

Held in Riyadh, the MoU signing was attended by HRH Prince Faisal Bin Salman Bin AbdulAziz, Head of the Board of Directors, Saudi Research & Marketing Group and Mohamed Ali Alabbar, Chairman, Emaar the Economic City.

The signing comes after Emaar the Economic City, a consortium headed by Emaar Properties PJSC and a number of high profile investors from Saudi Arabia, received approval from the Saudi Ministry of Commerce & Industry (Ministerial Resolution No. 609 dated May 13, 2006) for its incorporation. 

"We are looking forward to playing a major role in promoting King Abdullah Economic City throughout the region as well as internationally with our long-term industry expertise and resources," said HRH Prince Faisal. 

"A massive project such as King Abdullah Economic City requires a great deal of participation from a spectrum of industries within the Kingdom. With the excellent track record that Saudi Research & Marketing Group holds, we look forward to its role in promoting and marketing the City," said Mohamed Ali Alabbar.

KAEC will closely integrate 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 500,000 employment opportunities in the various industries and service-oriented companies that will open in the City.