Jeddah, Saudi Arabia, June 26, 2007: Emaar, The Economic City (Emaar.E.C) recently hosted a delegation of Singaporean entrepreneurs led by Mr Lee Yi Shyan, Minister of State, Ministry of Trade and Industry, and Mr. V P Hirubalan, Singapore Ambassador to Saudi Arabia, on a tour at King Abdullah Economic City (KAEC). The visit came as part of The Saudi Singapore Economic Cities Business Forum, and included top-ranking executives of blue chip Singaporean companies that have interests in technology, energy and the development of Economic Cities.
His Excellency Mr. Amr Bin Abdullah Al-Dabbagh, Governor, Saudi Arabian General Investment Authority (SAGIA), and Dr. Abdulraouf M. Mannaa, Managing Director of Emaar E.C, and Eng. Nidal Jamjoom, Chief Executive Officer, Emaar.E.C, welcomed the delegation and briefed them on the investment opportunities presented by KAEC.
“As the pioneering economic city in the Kingdom, the development of KAEC, with a focus on global investments, will serve as a role model for economic growth initiatives,” said Mr Al-Dabbagh. “Saudi Arabia shares growth synergies with Singapore already and the interest shown by the delegation in KAEC will further reinforce the Kingdom’s status as a global investment destination. It will complement SAGIA’s vision to make Saudi Arabia one of the most competitive global economies by 2010.”
SAGIA is the principal facilitator of the 168 million sq m KAEC, the largest of its kind private sector-led development in the region. Emaar.E.C is focused on highlighting the investment opportunities in varied sectors within KAEC to a global audience. The 29-member Singaporean delegation, including three members of the Singaporean Ministry of Trade and Industry, was briefed on the various aspects of KAEC followed by a tour of the project, which is making rapid strides in construction.
“The delegation was impressed by the investment options offered by KAEC, especially in technology and industry,” said Dr. Mannaa. “These are high-growth sectors that appeal to global investors, and the advantages offered by KAEC in terms of location, logistics and overall facilities will serve as a magnet for entrepreneurs to set up base in the Kingdom.”
“Our relations with Saudi Arabia are going from strength to strength, and we thank the Saudi authorities for their vision in building six economic cities." said Mr. Lee Yi Shyan, Singaporean Minister of State for Trade and Industry. "We believe that more Singaporean companies and Saudi Arabian entrepreneurs must join hands to strengthen this partnership further.”
He added: “Singaporean companies are very committed to leverage on the investment opportunities presented by KAEC. We are confident that it is only a matter of time before Singaporean companies start investing in KAEC; right now, they are further exploring and understanding the market dynamics to enable them to perform better.”
KAEC has six key components - the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities. The KAEC Presentation Center and a 15 km access road have been completed. Construction of the first phase including the Industrial Zone, Sea Port, Resorts and Residential Communities also is in progress.
