Emaar.E.C is underscoring the new investment climate in the Kingdom by showcasing KAEC at the JEF venue. KAEC, a sprawling 168 million sq m development, is the single largest private sector project in the Kingdom. Saudi Arabian General Investment Authority (SAGIA), the apex body responsible for inward investments into the Kingdom, is the project's facilitator.
'Under the guidance of The Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud, Saudi Arabia has achieved impressive growth,' observed Mr Nidal Jamjoom, Chief Executive Officer, Emaar.E.C. 'The growth of the private sector, as illustrated by the launch of projects such as KAEC, has strengthened investor interest in the Kingdom. KAEC, inspired the vision of King Abdullah, is a perfect complement to the Kingdom's growth initiatives.'
'We thank Emaar.E.C for showing leadership and initiative, as one of the leading global investment organizations, who sponsor the Jeddah Economic Forum for the second year consecutively as our partner,' said Mr Saleh Al Turki, Chairman of Jeddah Chamber of Commerce and Industry. 'JEF is one of the major success stories for the Jeddah Chamber of Commerce and we hope this partnership will insure reciprocal success,' he added.
Mr Jamjoom added: 'KAEC will be major contributor to job creation and will be home to 2 million residents. Our support of JEF 2007 is to complement the efforts to showcase Saudi Arabia's economy in the international spotlight and work towards attracting more foreign investors.'
'We are very pleased that Emaar.E.C is once again a partner sponsor of the Jeddah Economic Forum,' said Mr Sami Bahrawi, Chairman of JEF 2007. 'As a property developer responsible for King Abdullah Economic City, the largest private sector project in the Kingdom and one that is facilitated by SAGIA, Emaar shows to the world that the Kingdom of Saudi Arabia is a place that welcomes foreign investment. This is a message that the JEF is keen to convey and since the Forum attracts delegates from all over the world Emaar's high profile presence sends out that message loud and clear.'
KAEC has six components - the Sea Port, Industrial District, Central Business District (including commercial, mixed-use, retail and Financial Island), Resort, Educational Zone and Residential (including corniche and souks).
KAEC is being developed in phases, with the first phase expected to take possession in the last quarter of 2008 and will include areas of the industrial park, the port and commercial houses and the resort.
Emaar, The Economic City highlights Saudi's economic potential as Partner Sponsor of Jeddah Economic Forum 2007
Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), will highlight the economic developments in Saudi Arabia as Partner Sponsor of the 8th Jeddah Economic Forum (JEF) 2007 to be held from February 24 to 27.
- Saudi Arabia: Sunday, February 11 - 2007 at 13:54
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About Emaar the Economic City:Emaar the Economic City (Emaar.E.C) is a Saudi joint stock company managed by Emaar Properties PJSC, one of the world's largest property developers, and a number of high profile investors from Saudi Arabia. Emaar.E.C has a share capital of SR8.5 billion consisting of 850 million shares of nominal value SR10 each. Shares worth SR2.55 billion were offered for public subscription.
Emaar.E.C leads the master-planning and development of King Abdullah Economic City (KAEC), a project being built on a pristine location off the Red Sea in the north of Jeddah. SAGIA (Saudi Arabian General Investment Authority), the body responsible for inward investments into the Kingdom, is the prime facilitator for KAEC.
KAEC, a New Age City being built today for tomorrow's generation of Saudi citizens, has six components - sea port, industrial district, educational zone, central business district with commercial, mixed-use, retail outlets and financial island, resorts and residential area.
The mega-project works closely with the Kingdom's on-going drive to expand the economy, create employment opportunities for its youthful population and function as a catalyst to attract foreign investment, global trade, commerce and industry. Based on initial forecasts, the project and its several components will create up to one million employment opportunities in the various industries and service-oriented companies that will open in KAEC. It will also be home to 2 million residents.
About Jeddah Economic Forum:
Known as 'The Think Tank of the Middle East', Jeddah Economic Forum (JEF) is held under the patronage of HRH Prince Abdul Majeed bin Abdulaziz Al Saud, Governor of the Makkah Region, and is organized by the Jeddah Marketing Board, a department of the Jeddah Chamber of Commerce & Industry. It will draw more than 2,000 delegates from around the world.
London Business School (LBS), one of world's leading graduate management schools, is the academic partner for JEF for the third time. Effat College is the strategic planner of the Forum.
JEF 2007 lead sponsors include: Saudi Research and Marketing Group (Official Print Media), CNBC Al Arabiya (Official Broadcast Media), National Commercial Bank and Xenel Group.
For more information, please contact:
Bashar Kharbat
ASDA'A Public Relations
Jeddah, Saudi Arabia
Tel: (+966 2) 657 5194/ 195/ 196
Fax: (+966 2) 657 5277
Nedal Alasaad / Kelly Home
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in MENA
Dubai, UAE
Tel: (+971 4) 334 4550; Fax: (+971 4) 334 4556
For more information on JEF, please contact:
Jeddah Economic Forum - Saudi Arabia
Ahmed Al Hassani
Media Manager - SACCS TRACCS
Telephone: (+9662) 663 2525, Fax: (+9662) 663 2323
Jeddah Economic Forum - GCC
Majdi Al Ayed
Regional Director - TRACCS
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, February 11 - 2007 at 13:54 UAE local time (GMT+4)
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This Article was updated on Monday, May 28 - 2007
Index : Company News : Emaar Properties : Emaar, The Economic City
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