Last Updated: Oct 26, 09:19 am
Category: OpenCities Projects
OpenCities is advising one of the largest private sector players in the Middle East on the development of economic cities in Saudi Arabia.
Conceived by the Saudi Arabian General Investment Authority, the economic cities iare one of the most exciting thrusts yet to promote economic development in the Middle East. the initiative comprises four main components:
- the development of a business friendly environment
- world class infrastructure
- globally competitive business clusters
- the creation of cities, not industrial zones
The largest of these planned developments is King Abdullah Economic City (KAEC), the single largest private sector project in the region developed by Emaar the Economic City (Emaar.E.C), a Tadawul-listed company.
KAEC has the potential to create one million jobs and be home to 2 million residents. Tthe City is located between the two Holy Cities of Makkah and Madina and the city of Jeddah. With a total development area of 168 million square meters, the planned City is divided into six districts: the Sea Port, Industrial Zone, Central Business District (mixed use zone including commercial, hotel, retail and Financial Island), Resort District, Educational Zone and Residential Communities (including corniche and souks).
SAGIA (Saudi Arabian General Investment Authority), the apex body responsible for inward investments into the Kingdom, is the prime facilitator for the development. More information on this development is available on the SAGIA website at www.sagia.gov.sa and at the Emaar website at www.emaar.com.
