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King opens development expo

JEDDAH: Custodian of the Two Holy Mosques King Abdullah opened here yesterday a large-scale exhibition showcasing major development projects being implemented in the Makkah province. The projects are worth more than SR300 billion.

Makkah Gov. Prince Khaled Al-Faisal called the recent initiatives a "historic moment" and emphasized the government's efforts, under the leadership of King Abdullah, to advance the Kingdom.

"I know that your works and hopes have no limit and that they have no equals in this world," said the governor, addressing the king.

The governor devoted a portion of his talk to address the current global economic crisis, saying that those that have chosen to invest their money in projects in Saudi Arabia rather than sending their money abroad are better positioned and are helping the country.

"I would like to send a message . . . to all investors in the Kingdom that they will undoubtedly earn greater profits and dividends in their country than they might get from investments abroad," he said. "It is clear now that those who invested their capital abroad have lost their amounts while those who brought it back to invest here made profits. But some of them unfortunately again went back to invest in foreign countries and lost. I tell them to respond to the call of King Abdullah to invest in projects inside the Kingdom."

Jeddah Mayor Adel Fakieh also spoke during the opening ceremony and said the new projects would speed up development of the region. He said the municipality had conducted studies on developing disorganized districts of the city. The mayor thanked the king for approving the projects for the overall development of the city.

The exhibition in north Jeddah is being staged in an area of 115,000 sq.m. between Camel Square and Kanz Restaurant in Obhur, north Jeddah. Models of 14 projects are on display and will be open to the public free of charge. The exhibition will continue for three months.

The projects include the Kingdom Tower, Khozam Palace, King Abdul Aziz Road in Makkah, King Abdullah Economic City in Rabigh, Jeddah Gate, Dubai Towers, Jeddah Islamic Port Expansion, the Jabal Omar project in Makkah, Lamar Towers, King Abdul Aziz International Airport Expansion and Souk Okaz in Taif.

King Abdullah and the gathering, which included Crown Prince Sultan, senior Cabinet members and top businessmen, later watched a 45-minute multimedia presentation highlighting local development projects.

Khaled said Jeddah's shantytowns (mostly located in the poorer southern extremes of the city) would be replaced with modern urban districts. "The work to develop the shantytowns will begin on Dec. 29. An executive committee has been set up for the purpose," he said.

Works will begin from Khozam Palace in the old section of Jeddah.

"The area close to the palace will be transformed into a modern district where people would be proud to live in, after two or three years," the governor told Al-Ekhbariya channel on Friday. He said the exhibition was organized to highlight major projects taking place in the region during King Abdullah's rule as well as growing investment opportunities.

"The envisaged developmental projects will be completed with the cooperation of public and private sectors," he said. The governor added: "It's not about mere construction of cities. It means bringing about a huge social, economic and cultural awakening in the Kingdom."

King Abdullah Economic City (KAEC) in Rabigh is the most important and largest project under construction in the province. Spreading over an area of 168 million sq.m., the city is being developed by the UAE real estate giant Emaar Properties . Saudi Arabian General Investment Authority (SAGIA) provides logistic support to the project.

The KAEC will not only increase job opportunities for Saudis but also enhance the Kingdom's global business competitiveness, analysts said. Once fully operational, the city is expected to provide housing to two million people and create jobs for more than a million young Saudi men and women.

Kingdom City project in Jeddah, which is being implemented by Kingdom Holding Company , includes the longest tower in the world. Spreading over an area of 7.1 million sq.m. in North Jeddah, the project will include educational, commercial and recreational facilities.

Jeddah Development Company plans a series of vital projects to change the face of the Red Sea port city, in cooperation with public and private sectors. It will also develop the disorganized areas of the city to make it more hygienic and beautiful. The exhibition showcases the company's projects.

Jabal Omar, located southwest of the Grand Mosque in Makkah, is another giant project exhibited at the Obhur show. The project includes hotels, residential towers, shopping complexes and public service facilities. It will offer residential facilities for 100,000 people, air-conditioned prayer facilities for 100,000 and open prayer space for 120,000.

Lamar Towers, which includes residential units, a luxury mall, offices and a world-class spa, is another important project taking shape in the province. It is estimated to cost SR2.5 billion and is being developed by Cayan Investment Company .

By Hasan Hatrash

© Arab News 2008