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

A view of the residential units in King Abdullah Economic City (KAEC)
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 06:49 2012 Saturday ,01 September

Lamitta Frangieh on her \'Facebook Romance\'

GMT 08:26 2017 Wednesday ,08 February

Qatar spending $500m a week on World Cup projects

GMT 17:00 2017 Tuesday ,27 June

Saudi Arabia rebuts fake news on Turkey, Israel

GMT 10:31 2016 Monday ,12 December

Second Sydney airport cleared for take off

GMT 05:27 2017 Sunday ,16 April

GIB Capital wins 4 EMEA Finance Awards

GMT 13:58 2016 Friday ,30 December

Australia beat Pakistan to win Test series

GMT 10:07 2017 Monday ,17 April

Mark Hamill would like to play George Lucas

GMT 12:10 2016 Tuesday ,13 December

Over 30 dead as Kenya tanker crashes, explodes

GMT 02:13 2017 Monday ,25 September

December22nd-January20th

GMT 15:39 2017 Tuesday ,03 October

Bangladesh rescues 20 Rohingya held by racket gang

GMT 02:51 2017 Friday ,10 November

Under siege, Syria doctors forced to improvise care

GMT 12:18 2015 Tuesday ,14 July

Russia sack Capello as national team coach

GMT 16:07 2017 Saturday ,26 August

ISIS Claims Attack on Shiite Mosque in Afghanistan

GMT 13:47 2017 Monday ,27 February

China blue chips post worst day in 2 months

GMT 02:56 2017 Tuesday ,25 July

President Jokowi performs Eid Prayers in Padang

GMT 16:21 2017 Tuesday ,03 October

Sisi greets Guinea on independence anniversary

GMT 04:18 2017 Saturday ,16 September

Kim and Kanye expecting third baby via surrogate
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 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

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