King Abdullah Economic City hosts Pakistani Ambassador and business delegation

H.E Amr Bin Abdullah Al-Dabbagh, Governor, Saudi Arabian General Investment Authority (SAGIA) and Mr Fahd Al-Rasheed, Board Member and Chief Executive Officer, Emaar.E.C, welcomed the delegation led by H.E Shahid Karimullah, Pakistan Ambassador to Saudi Arabia along with senior Pakistani officials and leading private sector companies.

During the visit, Mr Al-Dabbagh presented an overview of the investment environment in Saudi Arabia emphasizing on the competitiveness of the Saudi investment environment and the efforts that the Saudi Government has undertake to reach the goal of becoming one of the top 10 nations in investment competitiveness by 2010.

Mr Al-Dabbagh also encouraged Pakistani scientists and professionals to take advantage of the growth opportunities provided by KAEC in Rabegh, and the Knowledge Economic City (KEC) in Madinah.

Mr Al-Rasheed made a presentation about KAEC, the investment opportunities offered and latest developments within the mega-project. He said: "Investor response to KAEC has been strong with several manufacturers from various sectors looking at investment options in a range of industries as well as other economic growth sectors like tourism, retail and property. The visit of the Pakistani delegation gives momentum to our efforts to showcase the various opportunities within the Kingdom."

H.E. Ambassador Shahid Karimullah praised KAEC and the progress being made on the different components of the city. He said:

"KAEC presents an ideal investment opportunity for Pakistani entrepreneurs. Economic co-operation between the Kingdom of Saudi Arabia and the Islamic Republic of Pakistan can be boosted at the educational, medical and scientific research levels. Professional workers can benefit from the jobs that the Industrial Zone within KAEC will create."

Mr Karimullah added: "In the name of the Pakistani government, I would like to extend my thanks to H.E. Mr Al-Dabbagh and Mr Al-Rasheed for the efforts they exerted during the visit. I look forward to realizing more Pakistani investments within KAEC."

KAEC has six key components: the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities. Work is progressing according to schedule on the first phase of KAEC including the Industrial Zone, Residential Communities, Sea Port and Resort Zone. KAEC has unveiled Bay La Sun Village, the first integrated residential component of the project, to overwhelming investor response.