RIYADH, 4 February 2007 -- A three-phase investment cooperation plan to create Hail Economic City is being worked out between Saudi Arabia General Investment Authority (SAGIA), Rakisa Holding and General Electric (GE).
In a discussion held yesterday, Abdullah Al-Rakhis, chairman of Rakisa, the main developer of the economic city, said "we are looking to increase international awareness about Hail Economic City's potential. The city is gaining momentum as a pillar of logistical and industrial services, and will promote aggressive strides in industrialization and economic diversification."
He said the meeting with Jeffrey Immelt, chairman of the board & Chief Executive Officer of GE, and Fahd Ibn Abdul Mohsen Al-Rasheed, deputy governor of SAGIA for Economic Cities and the Economic Cities Council, focused on economic cities' plans and "reflects our efforts in attracting foreign direct investments to the Kingdom and in increasing the Kingdom's international competitiveness."
The meeting was part of a campaign to boost investments into Hail Economic City through forward-thinking initiatives such as the "360 degrees of investment opportunities program" that provides investors with profiles of investment opportunities that Hail Economic City offers.
Al-Rakhis stressed that "our top priority is to develop a smart infrastructure and advanced services that will support the different sectors contained in the city such as mining, agricultural manufacturing, basic building material in addition to housing and education facilities, to offer a unique lifestyle for city tenants". Occupying a total land area of 156 million square meters in the northern Saudi city of Hail, the Hail Economic City is set to become a premier logistics hub in mining, information technology, basic building materials, agricultural manufacturing, education and smart infrastructure sectors.
Under the ambitious plan, the first phase presents a three-level scheme in which a total of SR6.4 billion will be invested in infrastructure and SR30 billion in business projects within seven years, generating more than 30,000 employment opportunities.
In the second phase of Hail Economic City, another SR9.8 billion will be invested in infrastructure and SR48 billion in the other sectors to create 66,000 jobs.
The third phase will witness a SR13.7 billion infrastructure investment coupled with a SR67 billion investment in other sectors, catalyzing an expected 119,000 new jobs.
Al-Rasheed expressed the government support for fostering the right environment to support economic cities and attract local and foreign investments as well as improving related regulations.
Hail Economic City's strategic location will make it a hub for the distribution of goods and services.
© Arab News 2007
