Emaar.E.C sponsors Saudi Intl Ports & Maritime Transport Forum in Jeddah

Jeddah, Saudi Arabia; March 22, 2008: Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), will sponsor the first Saudi International Ports & Maritime Transport Forum (SIPMT) to be held at Hilton Hotel, Jeddah from March 23 to 25. 

Held under the patronage of His Royal Highness Prince Khaled Al Faisal, Governor of Makkah Region, the SIPMT Forum is organised by the Jeddah Chamber of Commerce & Industry and sponsored by Emaar.E.C. 

Mr Fahd Al-Rasheed, CEO, Emaar.E.C, said: “The Forum serves as an ideal platform to highlight the importance of sea transportation and in particular, the role of Sea Ports to economic growth. As a key component of the King Abdullah Economic City development, the KAEC Sea Port will create a new logistics hub on the Red Sea Coast. As a driver for inward investments, the Sea Port is envisaged to add SR10 billion to the Saudi economy once operation.”

Mr Ahmed Linjawi, Executive Director – King Abdullah City Management, said: “Emaar.E.C takes concerted efforts to promote KAEC as a promising investment destination across various economic sectors. The Sea Port is an integral component of KAEC and as the largest Sea Port in the region will have the capacity to handle over 10 million TEU. Equipped to receive the world’s largest mega vessels, the Sea Port will utilize global positioning technologies, and advanced information management and automation systems.”

“We are confident that the Sea Port will mark a turning point in the history of Saudi Arabia’s sea transport industry and logistics business,” added Mr Linjawi

The first phase of the port expected to be operational by 2010 and is expected to offer 15,000 job opportunities. Investment within the port is valued at SR15 billion. Emaar.E.C is currently evaluating offers from major international sea port developers who have shown a strong interest in developing the KAEC Sea Port.

The 168 million sq m KAEC is the single largest private sector-led project in the region. Its other components are: the Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities. Work is progressing according to schedule on the various zones. Investor response to the sales of the Bay La Sun Village residential units and leasing of land in the Industrial Zone has been overwhelming.