Saudi’s King Abdullah Economic City (KAEC) has signed an agreement worth SAR32m to develop infrastructure in the fourth phase of the development, the Saudi Press Agency (SPA) reported.
The contract has been signed with Gulf Crete, a Saudi company specialised in contracting.
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.
The land will be divided into various areas for sale or lease in the different industrial and logistic operations and activities, the report said. Other areas will also be allocated for the commercial sector, business services, and shops.
Ayman Mansi, CEO of the Industrial Valley, King Abdullah Economic City, said: “The city’s economic efforts focus on heightening the competitiveness of the industrial valley in the region as a center for different industries and logistics services, in line with the approved general plan, and to keep mov3 with the increasing demand from investors, especially after the operational success achieved by the first, second and third stages in the industrial valley.”
The 55 sq-km Industrial Valley has so far attracted more than 100 national, regional, and international companies from different sectors. Mansi said he expects that it will become the main location for “ambitious companies that wish to establish their business or develop their activities”.
King Abdullah Economic City, situated just north of Jeddah, is one of the largest privately owned and run projects in the world.
Featuring residential projects and the King Abdullah Port – set to be one of the biggest seaports in the world, KAEC is being developed by Emaar Economic City – a Tadawul listed company.
Emaar Economic City also published that it had selected Ahmed bin Ibrahim Langawi as the new CEO to replace Fahd bin Abdul Mohsen Al Rasheed, who resigned to “assume other duties and responsibilities”.