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 MEEF - Middle East Engineering Projects News & Releases

Knowledge Economic City to Create 20,000 Jobs

JEDDAH July 4th. 2006 The SR25-billion third mega economic city in Saudi Arabia, whose foundation was laid in Madinah recently, will create more than 20,000 new jobs in the holy city.


 
Called ''Knowledge Economic City,'' (KEC) the project will include the Taiba Technological and Economic Information Centre, a centre for studies of Islamic civilization, and a centre for medical studies, biosciences and integrated medical services according to the Saudi Press Agency (SPA).

The Custodian of the Two Holy Mosques King Abdullah issued the license to develop the project which will include housing for 200,000 and commercial centers.

KEC's main investors include the King Abdullah Foundation, Savola Group, Real Estate Projects Management and Development Company and Taiba Investment & Real Estate Development Company, while the main investor of the project will be the Saudi Arabian General Investment Authority (SAGIA).

"The project aims to utilize the Kingdom's second competitive advantage after energy, its strategic location as a link between East and West, and leverage it through the establishment of a fully integrated economic city providing transportation and logistics services," Amr Al Dabbagh, SAGIA Governor said.

In a related development, SAGIA announced that the UAE has overtaken Japan as the dominant foreign investor in the Kingdom following the awarding of a SR100 billion project to Emaar Properties of Dubai last year.

SAGIA said that the UAE investment approved by the Authority stood at SR122.9 billion by the end of May, accounting for nearly 41 per cent of the total FDI pumped into the Kingdom since its launch in April 2000.

It said the agreement signed by Emaar Properties with SAGIA to build the King Abdullah Economic City in Rabigh at a cost of nearly SR100 billion sharply boosted FDI in Saudi Arabia and supported SAGIA's campaign to further attract foreign capital.

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