RIYADH: Minister of Commerce and Industry Abdullah Zainal Alireza has approved the setting up of the Knowledge Economic City Company (KECC) to develop real estate and reclaim land in the five economic cities.
"The KECC, a limited Saudi company, will be managed by a seven-member board of directors who will be appointed by the company's general assembly for a period of three years," Alireza said.
Saudi Arabia is planning to build five economic cities as part of efforts to create jobs for the country's population, which is growing at 1.85 percent annually.
The main objectives of the company, which has a capital of SR3.39 billion, are to manage developmental projects, become a leading player in the Kingdom's real estate sector, invest in a diversified portfolio of high-quality property assets and provide a wide collection of real estate-related services.
The company will be in charge of setting up the general plan for the Knowledge Economic City project in Madinah, which presents unique investment opportunities and will contribute to the growth of Saudis in particular and the economic growth of Madinah in general.
The project will also attract local and foreign investments in the private sector, including real estate, and will create 20,000 employment opportunities in the industrial, academic and commercial sectors, in addition to supporting Madinah's development sustainability.
It will also contribute to the economic growth of Madinah over the next 10 years. Madinah's Prince Muhammad bin Abdulaziz Airport will become an international airport, and the city will witness major expansion with the number of tourists expected to reach 20 million annually.
By Rodolfo Estimo Jr
© Arab News 2010
