HAIL: The Prince Abdulaziz bin Mousaed Economic City in the northern province of Hail got a big boost yesterday with the signing of six agreements for its development. The city was planned by the Saudi Arabian General Investment Authority (SAGIA) to realize the vision of Custodian of the Two Holy Mosques King Abdullah.
The multibillion-dollar project also aims at strengthening the economy, achieving balanced regional development and creating more employment opportunities for young Saudi men and women.
The ground-breaking ceremony was attended by Hail Gov. Prince Saud bin Abdul Mohsen, Amr Al-Dabbagh, governor of SAGIA, Loay Jassem Al-Kharafi, chairman of Al-Mal Investment, the developer of the new city, and prominent businessmen from the Kingdom and Kuwait.
The agreement on the project for dry-port, passenger and cargo terminals was signed by Public Investment Fund (PIF), SAGIA and Al-Mal.
Another agreement was signed between SAGIA, Manpower Development Fund and Cadre Economic Cities Company to train 10,000 men and women. A similar agreement was signed between SAGIA, Hail University and Cadre.
The event also witnessed the signing of three more agreements for:
-- Developing food and agricultural industries (between Al-Mal and Americana);
-- Establishing an international hotel (Al-Mal and Rotana); and
-- Building four residential and commercial towers (Al-Mal and Diyar Al-Kuwait real estate company).
Al-Mal, the investment arm of the M.A. Kharafi Group of Kuwait, aims to make the economic city a global business and industrial center that serves as a premier hub for transportation and logistics, mining, information technology, basic and traditional building materials, agricultural manufacturing, education and smart infrastructure.
The economic city, which is expected to be completed by 2025, will offer full range of commercial and community facilities with a mix of office, retail and entertainment activities as well as affordable residential neighborhoods supported by local community facilities such as schools, mosques, parks and health centers.
"This is an exciting time for the region. The new economic city in Hail will bring new impetus to the economy of the area and create thousands of jobs both during construction and in the long term as it becomes a logistical hub for many different industries. There will also be many social benefits with new schools, hospitals and an airport serving the northern part of the Kingdom," Prince Saud said.
The city will have an area of 156 million square meters, and when completed will provide 55,000 new jobs and homes for 300,000 people.
After signing the contracts, Al-Dabbagh said: "The economic cities are a vital ingredient in the future of Saudi Arabia."
"The Hail economic city will provide great benefits not only to the area but also to the Kingdom as a whole.
"The contracts signed today show the commitment to creating the best possible environment for a successful Saudi Arabia long into the future."
Al-Kharafi was optimistic of the new project. "The construction of a mega project such as the Hail economic city is a complex and long-term job. Our experience in other mega projects around the Middle East and the partners we have signed contracts with will ensure that the new city fulfills the wishes and dreams of everyone involved," Al-Kharafi said.
Ahmed Mohammed Ali, president of the Islamic Development Bank, who attended the event, told Arab News: "The Hail economic city will add new impetus to the Kingdom's economic development in general and the Hail region in particular under the vision of King Abdullah. This region needs major economic boost, and I hope the new city will fulfill that commitment."
"The hail economic city will significantly bolster regional development. The creation of economic cities will help build infrastructure which will ultimately contribute to the nation's economy," Fahd A. Al-Rasheed, CEO of the Emaar, the Economic City, the developer of King Abdullah Economic City (KAEC) in Rabigh, told Arab News. He also said economic cities will attract people from different parts of the Kingdom.
By Khalil Hanware
© Arab News 2009
