King Abdullah Economic City hosts Pakistani Ambassador and business delegation

Mr Fahd Al-Rasheed, Board Member and Chief Executive Officer, Emaar.E.C and H.E Shahid Karimullah, Pakistan Ambassador to Saudi Arabia during the visit to KAEC

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Al-Dabbagh welcomes Pakistani manpower to KAEC
Jeddah, Saudi Arabia; November 11, 2008: Saudi Arabian General Investment Authority (SAGIA)Saudi Arabian General Investment Authority (SAGIA) and Emaar, The Economic City (Emaar.E.C)Emaar, The Economic City (Emaar.E.C) recently hosted a high-level delegation from the Islamic Republic of Pakistan on a tour to King Abdullah Economic City (KAEC), the largest private sector development in the region.

H.E Amr Bin Abdullah Al-Dabbagh, Governor, Saudi Arabian General Investment Authority (SAGIA)Saudi Arabian General Investment Authority (SAGIA) and Mr Fahd Al-Rasheed, Board Member and Chief Executive Officer, Emaar.E.CEmaar.E.C, welcomed the delegation led by H.E Shahid Karimullah, Pakistan Ambassador to Saudi Arabia along with senior Pakistani officials and leading private sector companies.

During the visit, Mr Al-Dabbagh presented an overview of the investment environment in Saudi Arabia emphasizing on the competitiveness of the Saudi investment environment and the efforts that the Saudi Government has undertake to reach the goal of becoming one of the top 10 nations in investment competitiveness by 2010.

Mr Al-Dabbagh also encouraged Pakistani scientists and professionals to take advantage of the growth opportunities provided by KAEC in Rabegh, and the Knowledge Economic City (KEC) in Madinah.

H.E. Ambassador Shahid Karimullah praised KAEC and the progress being made on the different components of the city. He said: "KAEC presents an ideal investment opportunity for Pakistani entrepreneurs. Economic co-operation between the Kingdom of Saudi Arabia and the Islamic Republic of Pakistan can be boosted at the educational, medical and scientific research levels. Professional workers can benefit from the jobs that the Industrial Zone within KAEC will create."

KAEC has six key components: the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities. Work is progressing according to schedule on the first phase of KAEC including the Industrial Zone, Residential Communities, Sea Port and Resort Zone. KAEC has unveiled Bay La Sun Village, the first integrated residential component of the project, to overwhelming investor response.

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About Emaar, The Economic City:
Emaar, The Economic City (Emaar.E.C)Emaar, The Economic City (Emaar.E.C), established in September 2006, is a Saudi joint stock company managed by Emaar Properties PJSC, one of the world's largest property developers, and a number of high profile investors from Saudi Arabia. Emaar.E.CEmaar.E.C has a share capital of SR8.5 billion consisting of 850 million shares of nominal value SR10 each. Thirty per cent of the equity, worth SR2.55 billion, was offered for public subscription.

Emaar.E.CEmaar.E.C leads the master-planning and development of the 168 million sq m King Abdullah Economic City (KAEC), a project being built on a pristine location off the Red Sea in the north of Jeddah. SAGIA (Saudi Arabian General Investment Authority), the body responsible for inward investments into the Kingdom, is the prime facilitator for KAEC.

KAEC, a New Age City being built today for tomorrow's generation of Saudi citizens, has six components - sea port, industrial district, educational zone, central business district with commercial, mixed-use, retail outlets and financial island, resorts and residential area.

The mega-project works closely with the Kingdom's on-going drive to expand the economy, create employment opportunities for its youthful population and function as a catalyst to attract foreign investment, global trade, commerce and industry. Based on initial forecasts, the project and its several components will create up to one million employment opportunities in the various industries and service-oriented companies that will open in KAEC. It will also be home to 2 million residents.

© Press Release 2008