Jeddah: Hail Governor Prince Saud ibn Abdul Mohsen yesterday launched construction work for infrastructure projects at the Prince Abdulaziz Bin Musaed Economic City (PABMEC) in Hail, which is expected to draw more than SR30 billion in investment.
"PABMEC will bring about an economic renaissance in the country," said Prince Saud while officially launching construction work at the economic city, named after the first governor of Hail and located 720 kms north of Riyadh.
Prince Saud said works have already started for infrastructure projects, conference and business centers and a university of technology as well as a technology industrial park, which is expected to provide 600 jobs to Saudi women.
Abdullah Al-Rakhis, chairman of Rakisa Holding, the lead developer of the city, said PABMEC would have 12 distinct components for trade and services in sectors such as agriculture and food processing, mining, education, housing and entertainment. It will have a premier commerce and industrial hub to promote diversification in the economy.
Hail's strategic location at the heart of the Kingdom's north and the fact that it is only one hour by plane from 11 Arab capitals made it a prime candidate to host a new economic city. "PABMEC is a leap forward in the economy of the Middle East as a whole and not just that of Saudi Arabia," said Al-Rakhis.
Given Hail's location, geographic and historic surroundings, it was only natural to include an entertainment zone within this development. Hail is ideal for sports enthusiasts.
PABMEC expects large numbers of tourists will provide additional investment opportunities in hospitality and tourism-related industries.
Amr Al-Dabbagh, governor of the Saudi Arabian General Investment Authority (SAGIA), the main facilitator of the project, commended the support of the Kingdom's top leadership to carry out economic city projects.
By P.K. Abdul Ghafour
© Arab News 2007
