kaec ranks as world’s largest privatelyfunded new city
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

KAEC ranks as world’s largest privately-funded new city

Arab Today, arab today

Arab Today, arab today KAEC ranks as world’s largest privately-funded new city

KAEC ranks as world’s largest privately-funded new city
RIYADH - Arab Today

The King Abdullah Economic City (KAEC) ranks today as the world’s largest privately-funded new city, which has signed contracts worth SR1.6 billion with developers and service providers. The city is expanding with several projects, that will go a long way in addressing the needs of housing, businesses as well as industries and entrepreneurs.
“KAEC is continuing to grow and our development plan remains firmly on track,” said Fahd Al-Rasheed, KAEC’s managing director. 
“Our status as a privately-funded development has been an important factor in our performance and our strong cash position has allowed us to continue to invest steadily across our activities toward achieving KAEC sustainable development,” he added.
Al-Rasheed pointed out that the value of the projects under implementation in KAEC is worth more than SR6 billion and that does not include the implementation of contracts in the King Abdullah Port and industrial and commercial companies’ investments in the city.” 
In 2016 alone, KAEC signed contracts with developers and service providers covering the full range of the city’s operations.
Approximately 30 percent of the total volume of contracts is for developments in the Industrial Valley and another 40 percent is for residential developments inside the KAEC. A total of 88 percent of contracts were signed with Saudi-based firms. The announced contracts do not include contracts and agreements with companies that have investments in KAEC.
A press statement released by the KAEC said that “the city has registered more than 2,700 vendors to work on the development of city since 2007 and most of the vendors are national companies and organizations. The city, situated on the west coast of the Kingdom, covers an area of 181 sq. km of land, approximately the size of Washington DC. KAEC comprises King Abdullah Port, the Coastal Communities residential districts, the Haramain Railway district and the Industrial Valley.” 
The KAEC is located along the coast of the Red Sea, around 100 kilometers north of Jeddah. The city is being built by Emaar Properties. 
This city, along with another five economic cities, is part of an ambitious program to place Saudi Arabia among the world’s top 10 competitive investment destinations by Saudi Arabian General Investment Authority (SAGIA).

Source : Arab News

   
arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kaec ranks as world’s largest privatelyfunded new city kaec ranks as world’s largest privatelyfunded new city

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kaec ranks as world’s largest privatelyfunded new city kaec ranks as world’s largest privatelyfunded new city

 



GMT 13:49 2017 Thursday ,08 June

Boko Haram kills 11 in NE Nigeria attacks: police

GMT 09:08 2017 Monday ,11 September

Palestinian court grants bail to prominent activist

GMT 00:06 2018 Wednesday ,24 January

Emirates signs agreement for 36 additional A380s

GMT 09:59 2018 Wednesday ,10 January

Pakistan reiterates solidarity with Saudi Arabia

GMT 23:01 2016 Wednesday ,30 November

21 killed in artillery shelling of eastern Aleppo

GMT 09:22 2016 Monday ,10 October

US troops in Kuwait came under 'suicide' attack

GMT 21:14 2017 Tuesday ,21 February

Tatas will lead, not follow

GMT 11:24 2017 Wednesday ,15 February

ISIS kidnapped 16 civilians from Anbar

GMT 19:30 2018 Wednesday ,31 October

King congratulates Antigua and Barbuda Governor-General

GMT 00:05 2017 Thursday ,28 December

Guterres extends mandate of UN-backed Lebanon tribunal

GMT 01:49 2017 Wednesday ,18 October

Iran considered dropping Turkey to fight the Russian

GMT 00:02 2017 Friday ,01 September

July24th-August23rd
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday