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SAGIA signs deal for third economic city

by ArabianBusiness.com staff writer  on Thursday, 10 May 2007
Saudi Arabian Airlines said it would only convert around 70 of its 200 interline agreements. (Getty Images)
Saudi Arabian Airlines said it would only convert around 70 of its 200 interline agreements. (Getty Images)

Saudi Arabia's Madinah Knowledge Economic City (KEC) has signed an agreement with networking giant Cisco to develop a 'smart city'.

Under the terms of the agreement, signed April 30, Cisco will work with KEC to create a city where workers and residents will be permanently connected to high-speed broadband networks.

The two organisations also agreed to establish a networking academy at KEC to provide ICT training for thousands of Saudis. Some US$6.7 billion is being invested in the project, and it is expected to create up to 20,000 new jobs.

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"Developments such as Knowledge Economic City are bringing some of the world's best expertise to the Kingdom and that expertise will work to the benefit of the Saudi economy," said Fahd Al Rasheed, deputy governor of the Saudi Arabian General Investment Authority (SAGIA).

"Partnerships such as this one between KEC and Cisco show that there is a tremendous amount of international interest in helping us develop our IT infrastructure," he added.

KEC is to be located in the Hejaz region of Saudi and will be dedicated to knowledge-based industries. The project will be the third economic city in the Kingdom, coming after projects in Rabegh and Hayel.

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