Jeddah, Saudi Arabia, February 11, 2007: Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), will highlight the economic developments in Saudi Arabia as Partner Sponsor of the 8th Jeddah Economic Forum (JEF) 2007 to be held from February 24 to 27.
Emaar.E.C is underscoring the new investment climate in the Kingdom by showcasing KAEC at the JEF venue. KAEC, a sprawling 168 million sq m development, is the single largest private sector project in the Kingdom. Saudi Arabian General Investment Authority (SAGIA), the apex body responsible for inward investments into the Kingdom, is the project’s facilitator.
“Under the guidance of The Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud, Saudi Arabia has achieved impressive growth,” observed Mr Nidal Jamjoom, Chief Executive Officer, Emaar.E.C. “The growth of the private sector, as illustrated by the launch of projects such as KAEC, has strengthened investor interest in the Kingdom. KAEC, inspired the vision of King Abdullah, is a perfect complement to the Kingdom’s growth initiatives.”
“We thank Emaar.E.C for showing leadership and initiative, as one of the leading global investment organizations, who sponsor the Jeddah Economic Forum for the second year consecutively as our partner,” said Mr Saleh Al Turki, Chairman of Jeddah Chamber of Commerce and Industry. “JEF is one of the major success stories for the Jeddah Chamber of Commerce and we hope this partnership will insure reciprocal success,” he added.
Mr Jamjoom added: “KAEC will be major contributor to job creation and will be home to 2 million residents. Our support of JEF 2007 is to complement the efforts to showcase Saudi Arabia’s economy in the international spotlight and work towards attracting more foreign investors.”
"We are very pleased that Emaar.E.C is once again a partner sponsor of the Jeddah Economic Forum," said Mr Sami Bahrawi, Chairman of JEF 2007. "As a property developer responsible for King Abdullah Economic City, the largest private sector project in the Kingdom and one that is facilitated by SAGIA, Emaar shows to the world that the Kingdom of Saudi Arabia is a place that welcomes foreign investment. This is a message that the JEF is keen to convey and since the Forum attracts delegates from all over the world Emaar's high profile presence sends out that message loud and clear."
KAEC has six components – the Sea Port, Industrial District, Central Business District (including commercial, mixed-use, retail and Financial Island), Resort, Educational Zone and Residential (including corniche and souks).
KAEC is being developed in phases, with the first phase expected to take possession in the last quarter of 2008 and will include areas of the industrial park, the port and commercial houses and the resort.
