Sep 07 2006 |
more articles from
|
Saudi Arabia: KAEC Offers Business Opportunities
Thursday, 07 September 2006JEDDAH: The ambitious King Abdullah Economic City (KAEC) project has been boosted by August's successful initial public offering of shares in Emaar Economic City the body that is charged with carrying out the $26.6 billion development.
Nearly 10 million subscribers are estimated to have bought more than $2 billion of shares in the consortium set up by Dubai's Emaar Properties and the Saudi Aseer Company to manage the multi-phased project.The KAEC represents the largest ever private sector development to date in Saudi Arabia.
An IPO route is also expected to be taken for the $2.7 million Um Al-Qura Economic City project near Makkah, a development to be located either on a site near the Makkah-Jeddah main highway or near Shuaiba on the Red Sea coast.
The Um Al-Qura city development is the fourth to be announced since December 2005 and along with KAEC and others in Hail and Madina each will have a specific focus.
Transport and Logistics City
KAEC will concentrate on energy and transportation industries while Prince Abdul Aziz Bin Mousaed Economic City near Hail is expected to be a new base for transport and logistical related service industries.
The $8 billion Hail development will create a community over a 156 million square meters area to include an inland port with warehousing and distribution services, agricultural processing industries as well as mining and related industries designed to exploit the region's natural resources. Construction is due to start in September.
Madina's $6.8 billion project aims to accommodate knowledge-based industries such as bio-science enterprises over a 4.8 million square metres area in an overall 13.8 million square meters development.
Emaar Leads
By far the largest industrial and community development is that of KAEC. This will be built over 55 million square meters and feature a major seaport on the scale of Rotterdam's, a major industrial area, integrated high-speed transport system as well as a dedicated financial district containing hotels, exhibition and convention center in addition to educational establishments, hospitals and residential areas
Emaar's chairman, Mohamed Ali Alabbar says that KAEC's six components comprising a seaport, industrial complex, education zone, a financial island, resort areas and residential districts will make the city an important global destination
Amr Al-Dabbagh, governor of the Saudi Arabian General Investment Authority (SAGIA) , describes the city projects as an aggressive bid to repatriate capital and attract value-added foreign investments.
© The Saudi Gazette 2006
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment