Saudi Arabia’s King Abdullah Economic City (KAEC) has assigned a new contract for construction and development worth more than $320m so far this year, the Saudi Press Agency reported.
Of the amount spent, the percentage divided to develop the industrial valley and residential sector and facilities amounted to about 20 percent, SPA quoted Ahmed bin Ibrahim Langawi, the recently appointed CEO of Emaar Economic City as saying.
Tadawul-listed Emaar Economic City is the developer of KAEC.
Langawi also said that 80 percent of the contracts were issued to renovate the experience of the city’s residents, investors, employees, and visitors.
He also confirmed that KAEC planned to continue with its development plans to strengthen the strategic department such as logistics and industry.
The 55 sq-km industrial valleys have attracted more than 110 national and international companies so far, and the capacity of King Abdullah Port – set to be one of the biggest sea-ports in the world – has reached 3.4 million containers yearly, he said.
The city has also developed more than 10,000 quarters units across six neighborhoods.
In September, KAEC also signed a contract worth SAR32m with Gulf Crete to develop infrastructure in the fourth phase of the development.
The new phase, Sector D, is spread across 830,000 sqm and the land to be developed is situated at the entrance of the Industrial Valley and near King Abdullah Port.