Saudi Gazette

King Abdullah Economic City, Rabigh — King Abdullah Economic City announced on Wednesday the signing of a series of agreements and partnerships worth SR2 billion on the sidelines of the third edition of the Time Forum.

The signings include an agreement between the General Customs Authority and the Economic Cities Authority (ECA) to establish a deposit and re-export zone in King Abdullah Economic City (KAEC), an agreement to establish an auto racing circuit at Lagoona and Marina Dreams, an agreement to establish a gas station, and another to expand the Industrial Valley.

In addition there were agreements in the real estate development, tourism and leisure sectors, and supporting administrative services.

The forum was held under the patronage of Governor of the Saudi Arabian General Investment Authority (SAGIA) Eng. Ibrahim Al-Omar.

In his address, Al-Omar said, “Under Vision 2030 we are creating new growth engines in strategic sectors such as transport, healthcare, ICT, renewable energy and local manufacturing to drive greater economic diversification in the Kingdom. KAEC, which combines a strategic location, strong national and international connectivity and a robust private sector mindset, is an important part of our vision for the future.”

Fahd Al-Rasheed, Group CEO and Managing Director of KAEC, presented the latest developments, achievements and strategic vision of the Economic City.

Following this, the business leaders at the Economic City showcased a package of projects and investment opportunities worth more than SR7 billion in the logistics, industry, leisure, commerce, housing, health and education sectors.

“We at the Economic Cities Authority take pride in KAEC’s achievements and we look forward to further growth in all developmental fields,” stated Muhannad Hilal, General Secretary of the Economic Cities Authority.

“We thank our partners in King Abdullah Economic City for their efforts and we wish this forum to achieve its desired goals and objectives by showcasing the unique investment opportunities available at KAEC,” he said. “These investments help diversify the economy and create quality jobs for young Saudis.”

He went on to say: “KAEC is considered today a living example of public-private partnership that is based on the nimbleness of the master developer combined with a very positive regulatory response and cooperation on the part of the public sector. We aspire that this model reflects a tangible manifestation of one of the objectives of Vision 2030: an ambitious nation effectively governed.”