King Abdullah Economic City hosts French business delegation

Jeddah, Saudi Arabia, May 21, 2007: Emaar, The Economic City (Emaar.E.C), a Tadawul-listed company and developer of the single largest private-sector led project in the region, King Abdullah Economic City (KAEC), welcomed a French business delegation to the project site recently. 

Mr Ahmed Linjawy, Executive Director, External Relations and Human Resources, Emaar.E.C, briefed the delegation, led by the French Ambassador to Saudi Arabia Mr Charles Henri D’Aragon and comprising high-profile French entrepreneurs, on the progress made on the project. Mr Linjawy explained the investment options available on KAEC’s six key components - the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities. 

Following the tour, Mr D’Aragon said: “KAEC, even in these initial stages of construction, surpasses all expectations that were formed from the initial presentations made by Saudi Arabian General Investment Authority (SAGIA). The project presents a unique investment opportunity for French entrepreneurs, who can add value to KAEC in sectors such as water, electricity and technology, in which they have proven expertise.”

The French delegation was on a tour of Jeddah as part of the French Saudi Forum for Urban Development, and was hosted by the French Consulate in Jeddah, the French Agency to Develop Trade, the Saudi Architect Society, Jeddah Municipality, SAGIA, Jeddah Chamber of Commerce and Industry, and Saudi French Bank. 

KAEC sprawls over 168 million sq m of land on the Red Sea coast. On-line registration for the Industrial Zone has opened recently to strong investor response. The KAEC Presentation Center and a 15 km access road have been completed earlier this year. Model apartments are being finished for potential investors to have a true-to-type feel of the residential amenities. Work is underway to build 1,040 apartments in the Red Sea Village, a Residential Community.