King Abdullah Economic City (KAEC) has launched more than 300 new investment opportunities worth an estimated SR4 billion ($1.07bn) in real estate, hospitality and tourism, it was reported.
CEO and Managing Director Fahd Al-Rasheed said the city, which is currently being developed over 28 million square metres, has already signed agreements with more than 70 international and local companies for projects worth SR10bn in investments, Arab News reported.
While companies such as Pfizer Global Pharmaceuticals, Sanofi and Mars were investing for the first time in the Industrial Valley, eight companies had already begun actual production, Al Rasheed said.
“Its strategic location allows the King Abdullah Economic City to make a positive impact on the local economy, and become one of the most significant economic cities in the Arab world serving the global trade,” Al Rasheed told Arab News.
“The city is the economic model for the state's initiative to develop partnerships between the public and private sectors.”
The city’s deputy chairman, Ahmed Lengawi, said a seaport has been partly commissioned for the city, with plans for schooling facilities for 2,500 students.
In other new projects, KAEC hadoffered investment opportunities in the Al Shorouq residential district, Al Morouj residential district and Al Sahel Towers.
The city also offered investment opportunities for the development of low-cost and four-star hotels and resorts as well as fuel stations, and mechanical businesses, Arab News reported.