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EXPANSION OF BUSINESSES AND INVESTMENTS IN KING ABDULLAH ECONOMIC CITY INCREASES DEMAND ON ALL HOUSING INCOME LEVELS

Posted Sat 18 May 2013 04:57:20 pm in News, Tourism & Hospitality | By Dubib.com News Desk

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KAEC, 18th of May, 2013: Giving a status update on progress in King Abdullah Economic City, Mr. Fahd Al-Rasheed, Managing Director and CEO of KAEC, affirmed the growing number of businesses and investments in the city from local and international companies who are looking for a prime location that offers world-class infrastructure, state-of-the-art electricity, water and sewage network, telecommunications services, paved roads and storm water drain system to prevent flooding, as well as logistical and support facilities for all industrial, residential and commercial lands.

 

In this occasion, Mr. Al-Rasheed said: “We have signed more than 50 contracts with local and international companies, some of which are already operational while others are in the stage of constructing their commercial and manufacturing facilities. Amongst the most important industrial companies: Mars Saudi Arabia; the largest chocolate factories in the world, Greif; a world leader in textile and plastic packaging products and services, Pfizer Saudi Arabia and Sanofi Aventis; the world pharmaceutical giants, Tamer Group; a leading Saudi company specializing in healthcare, Total; one of the world’s largest lubricants companies, Saudi Airlines Catering and Saudi Smart Technology Hub, Petra; Engineering Industries and  Al-Salem Johnson Controls; two leading manufacturers of air conditioning and refrigeration, Almarai, and Panda, along with many others. All of which have the advantage of the city’s proximity to King Abdullah Port which is expected to begin its pilot operation during the last quarter of this year, with a capacity to receive 1.3 million containers per year.

 

Mr. Al-Rasheed went on to say: “The huge influx of investments in business enterprises and industrial projects have resulted in a surge demand on residential accommodation for employees and workers, which KAEC is meeting by offering a wide range of housing solutions that are suitably priced for different income levels, some of which are already fully operational. For example: the Bay La Sun District which offers a modern and sophisticated life style that includes the Marina Towers and Beach Towers, the Bay La Sun Hotel and Marina, which is the first hotel to open in the city, the Oceana luxury resort located on the Red Sea coast, and the business park. In addition, Al-Murooj District, which is the first area dedicated for the construction of luxury residential villas, and the Tala Gardens neighborhood which offers residential lands of various sizes at competitive prices, as well as the labor campus located in KAEC Industrial Valley that includes all needed facilities and services, and scheduled to handover the first phase in Q1, 2014.

Al-Rasheed concluded:” All those residential neighborhoods are supported by different services and facilities such as; The World Academy School which is already open with a total capacity of 2,250 students, the first medical center for primary care and emergency operated by Dr. Soliman Fakeeh Hospital Company. Also, retails have been rented out and a number of restaurants, cafes, sales outlets and pharmacies are already open.



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