His Highness Prince Khaled Alfaisal visits King Abdullah Economic City

Prince Khaled also inaugurated the 100 Syndicate, an investment company within KAEC, which supports start-up and small & medium entrepreneurs to establish businesses.

His Excellency Amr Abdullah Al-Dabbagh, Governor, Saudi Arabian General Investment Authority (SAGIA); Mr Mohamed Ali Alabbar, Emaar.E.C Chairman; the Board Members of Emaar.E.C, senior officials and VIP guests received him.

During his visit, Prince Khaled said KAEC and other development projects reflect the Kingdom's realistic growth strategy and are important to enhance the national wealth and GDP of Saudi Arabia. He said that the projects reiterate the vision of The Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud to further strengthen the Saudi economy and enhance the well-being of the people through positive growth boosters.

Prince Khaled described the current growth of the Saudi economy as a Golden Era, adding that the Kingdom is passing through a dynamic phase of socio-economic transformation marked by three important aspects: One, the society is fortified culturally and spiritually through a strong religious belief system, which makes the Kingdom impervious to social shocks; two, the social, economic and political stability of the Kingdom has created a conducive environment for greater foreign direct investment; and three, the Kingdom is guided by a strong leadership backed by farsighted vision that will usher in a new era of economic and social prosperity for Saudi citizens.

Prince Khaled said that these three characteristics make Saudi Arabia a great country to live in and the opportunities presented now are important not only for the current generation but also for the coming generations. He asked individuals and entrepreneurs to take advantage of the opportunities presented by projects such as KAEC, or be accountable before the Almighty and future generations for not making use of the perfect conditions that will ensure prosperity.

Al-Dabbagh made a presentation on the objectives of SAGIA and the investment opportunities in the Kingdom at a special ceremony held at the KAEC Presentation Centre. Mr Nidal Jamjoom, CEO, Emaar.E.C presented the investment opportunities at KAEC and gave an overview of the construction in progress. Mr Hisham Tashkandi, General Manager, The100 Syndicates, made a presentation on the company, which will encourage young Saudi men and women to set up businesses easily.

Al-Dabbagh reiterated the Vision 10x 10 of SAGIA to develop the Saudi Arabian economy as one of ten most competitive economies in the world by 2010. He highlighted the three objectives of SAGIA: Enhancing investment in health facilities and the environment locally; establishing a National Centre for Companies to further help SAGIA and other governmental agencies to strengthen investment-related policies; and launching economic cities in various areas that will develop an integrated growth module led by energy, transport and industries based on advanced information technology systems. He said that the visit of His Highness Prince Khaled symbolizes the governmental support to initiatives by SAGIA such as economic cities that will benefit Saudi citizens.

'We thank Prince Khaled for visiting King Abdullah Economic City, which has been inspired by the vision of The Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud,' said Mr Alabbar.

'Their valuable insights will give greater momentum to the development of the project that will usher in a new era of economic prosperity for the Kingdom.'

KAEC is spread over 168 million sq m and has six key components - the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities. The KAEC Presentation Center and a 15 km access road have been completed. Construction of the first phase including the Industrial Zone, Sea Port, Resorts and Residential Communities also is in progress. SAGIA is the prime facilitator of the project.