Jeddah, Saudi Arabia; March 26, 2008: Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), is highlighting the tourism initiatives and investment opportunities within KAEC at the Saudi Travel & Tourism Investment Market 2008 (STTIM), being held in Riyadh until March 27 under the patronage of His Royal Highness Prince Salman Bin Abdulaziz Al Saud, Governor of Riyadh.
The event, organized by Supreme Commission for Tourism (SCT), is focused on growth strategies for the travel and tourism sector in the Kingdom, and the investment opportunities in the sector.
His Royal Highness Prince Sultan Bin Salman Bin Abdulaziz Al Saud, Secretary General of SCT said: “STTIM 2008 highlights the importance of the tourism and travel sector to the Kingdom’s economy and future growth plans. Investors, trade practitioners, businesses and government organisations convene at the event and translate their various initiatives to investment opportunities in this fast-growing industry.”
His Royal Highness added: “The participation of Emaar.E.C at STTIM 2008 reiterates the essential role that the private sector plays in strengthening the tourism sector. The investment opportunities in the tourism sector create positive effects on the local economies by creating more jobs and supporting the growth of small and medium enterprises. This in turn helps increase the income of citizens. We look forward to KAEC, with its tourism areas, resorts and hotels, in adding to the appeal of the Kingdom as a destination for tourists and tourism investments.”
Mr Fahd Al-Rasheed, CEO of Emaar.E.C said: “The tourism sector is one of the most important sectors in terms of creating investment opportunities and generating promising jobs. Recent studies have showed that the tourism sector will generate more then 15,000 jobs within KAEC. The overall plan of KAEC includes special areas for resorts and tourism facilities. These complement our objective of attracting major international companies to develop hotels, resorts and entertainment sites within KAEC.”
Mr Al-Rasheed added: “STTIM 2008 is the first of its kind initiative in the Kingdom, and comes soon after Saudi Arabia being ranked in the world-wide Travel and Tourism Competitiveness Index (TTCI). The expo will further reiterate the important role played by the travel and tourism sector for attracting foreign investments to the Kingdom and thus contribute to its economic growth. KAEC has a very promising tourism and resort component, which will appeal to investors on sectors including hospitality and leisure.”
KAEC is the single largest private sector-led project in the region and has six key components: the Sea Port, Industrial Zone, Central Business District, Resort District, Educational Zone and Residential Communities. Work is progressing according to schedule on the various zones.
