Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- 70 firms invest SR10 billion in KAEC Industrial Valley  Join our daily free Newsletter

MENAFN - Arab News - 12/06/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN - Arab News) King abdullah economic city (kaec) ceo and managing director fahd al-rasheed has announced the launch of more than 300 investment opportunities for saudi and non-saudi investors with a total value estimated at sr4 billion in real estate and tourism as well as fuel stations.

al-rasheed was speaking at a news conference on the sidelines of the time investment forum at the kaec on wednesday.

the forum was held under the aegis of saudi arabian general investment authority (sagia) gov. abdullatif al-othman who is also chairman of the economic cities in order to familiarize the investment opportunities offered by the various sectors in the city.

the city which is currently developing 28 million square meter land has signed agreements with more than 70 international and local companies for projects in diverse fields with more than sr10 billion in investments. while companies such as pfizer global pharmaceuticals sanofi and mars are investing for the first time in the industrial valley eight companies have already begun actual production al-rasheed said.

''its strategic location allows the king abdullah economic city to make a positive impact on the local economy and become one of the most significant economic cities in the arab world serving the global trade'' al-rasheed told arab news.

he added that the special status and the excellent business environment enjoyed by the city reflected the ambition of the kingdom's leadership to achieve tremendous economic progress. ''the city is the economic model for the state's initiative to develop partnerships between the public and private sectors'' he noted.

"this forum is a means by which we seek to increase the flow of investment to our city. we encourage business communities and investors to take advantage of what the city has to offer with the highest degree of credibility transparency security and safety and at the lowest level of risk besides the facilities that the economic city offers to investors and residents'' al-rasheed said.

he added that another investor-friendly feature of the city is that all government services are available under one roof around the clock seven days of the week.

in addition to outlining the current investment opportunities the city's deputy chairman ahmed lengawi told the forum that a seaport has been partly commissioned for the city and 2500 people are accommodated with schooling facility to 245 students to attend the world academy the first school in the city.

more than 200 investors and officials representing the private and public sectors attended the event to be familiar with the new projects worth sr 4 billion open for investments. the new projects include development of al-shorouq residential district for lower and middle level income groups comprising 1340 residential units in the initial stage available for purchase. the district sprawls over 1.2 million square meters of land.

another project is to develop the posh al-morouj residential district on the seafront extending over an area of 4.6 million square meters with 2330 plots for villas.

the al-sahel towers overlooking the sea covers an area of 59237 square meters and comprises business centers and residential apartments

the city also offers investment opportunities for the development of low-cost and four-star hotels and resorts for which sufficient space has been allocated at different places. a 150000 square meter area has been allocated for a luxury beachfront resort in the morouj district.

besides investments in real estate sector the city also offers opportunities for petrol filling stations and servicing of cars and trucks.


Arab News

  MENA News Headlines
 Oct 8 2015 - UK official says Russia making situation in Syria more dangerousKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) UK Secretary of State for Defence, Michael Fallon, called on Russia Thursday to stop supporting the regime of Bashar Al-Assad and to stop the regime from bombing ...

 Oct 8 2015 - EP calls for intØ¢'l protection for E.JerusalemKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The European Parliament called Thursday East Jerusalem to be placed under immediate international protection after a series of violent clashes have left several ...

 Oct 8 2015 - USD to drop further as profit raise postpones - analystKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The rate of the US dollar is expected to drop against the main currencies in time of weakening expectations on the raise of profit rates in the US before the end ...

 Oct 8 2015 - Israeli forces arrests 40 Palestinians in West BankKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Forty Palestinians were arrested by the Israeli force during an operation in the West Bank, said a statement by the Palestinian prisoners club Thursday.According ...

 Oct 8 2015 - Syrian Army: Russian airstrikes reduced ISIL fighting capabilitiesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Airstrikes by Russian warplanes reduced fighting capabilities of the so-called Islamic State in Iraq and Levant (ISIL) in Syria, the Syrian Armed Forces Commander ...

 Oct 8 2015 - Western, Russian intervention in Syria making matters worse - Arab LeagueKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Western and Russian intervention in Syria will not end the war and will not eliminate presence of the so-called Islamic State in Iraq and Levant (ISIL), said ...

 Oct 8 2015 - Kuwait- Light rain, dust for Thursday evening weather - forecastKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Light rain and dust is expected for the weather Kuwait Thursday's evening, said a weather forecast official.Deputy head of Kuwait weather forecast department, ...

 Oct 8 2015 - Jewish settler stabbed in JerusalemKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A Jewish man was stabbed Thursday in his upper body in Jerusalem in the third stabbing attack in just over 24 hours.Haaretz newspaper said on its website that a ...

 Oct 8 2015 - OPEC oil price up to USD 48.24 pbKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The OPEC daily basket price went up Wednesday USD 2.16 and stood at USD 48.24 per barrel (pb) compared with USD 46.08 pb the previous day, the cartel said here on ...

 Oct 8 2015 - Kuwaiti seeks Costa Rica's support to get non-Permanent UNSC seatKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A Kuwaiti Parliamentary friendship group sought Costa Rica's President Luis Guillermo Solis' support to help Kuwait obtain a non-permanent seat at the UN Security ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help