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King Abdullah Economic City
Emaar the Economic City, a consortium headed by Emaar and a number of high profile investors from Saudi Arabia, has made rapid progress on ground and site work for its flagship development in Saudi Arabia, the King Abdullah Economic City (KAEC).
The SR100 billion (US$26.6 billion) KAEC is the largest private sector initiative in the Kingdom. SAGIA (Saudi Arabian General Investment Authority), the apex body responsible for inward investments into the Kingdom, is the prime facilitator for KAEC.
An overwhelming 10 million Saudis, approximately half the country’s national population, subscribed to the ten-day initial public offering of EEC in August 2006, setting a new record in the Kingdom’s capital market history.
KAEC is a mega multi-stage development which will closely integrate itself into 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 500,000 employment opportunities in the various industries and service-oriented companies that will open in the City.
The City will be a mixed-use development located north of the commercial hub of Jeddah to ensure easy access from the Holy Cities of Makkah and Madina. A massive 55 million square meters of greenfield land with a 35 km shoreline close to the industrial city of Rabegh has been earmarked for the master development. The City will have six distinct components – a modern world-class Seaport, Industrial District, Financial Island, Education Zone, Resorts and The Residential Area.
Groundwork on KAEC is going full steam ahead. Work is underway on the project’s first boulevard – a 15 km long stretch that features over 3,000 palm trees. Excavation work for the first city canal to run through the Red Sea Village has started. Geotechnical investigations are being conducted for dwelling units and designs for one of the main entry gates, the first Corniche Park and marina have been completed. There are over 500 workers on-site and the number will exceed 1,000 soon.
During the first three years, construction will be focused on four major areas: the Port, Industrial areas, the Resort District comprising two major beachfront hotels, the first golf course and associated villas, and several apartments and office buildings in the Town Center.
