Business & Money | Tuesday 5 March, 2019 12:02 pm |

A delegation from the Saudi International Petrochemical Company (Sipchem) visited King Abdullah Economic Center (KAEC) after concluding Sipchem Technology and Innovation Center "MANAR" board of directors’ meeting held on Sunday morning in KAEC. 

 

Sipchem delegation was received by Eng. Ayman bin Youssef bin Mansi, CEO of the Industrial Valley & Head of New Business Ventures, and was briefed about the KAEC most prominent milestones and other industrial, recreational, services and infrastructure projects, then conducted a tour in King Abdullah Sea Port which was opened recently.

 

The delegation has been briefed also about the Industrial Valley’s investments and ventures in addition to the residential projects with explanation about the most important utilities and infrastructure which ensure appropriate residential and recreational environment for the city’s inhabitants and visitors as well as the services, support and facilitations provided to investors planning to initiate their business and projects in the city.

 

Eng.  Ahmed A. Al Ohali, Sipchem’s CEO and Chairman of MANAR, extended his thanks to KAEC management for their warm reception and praised such remarkable achievements of the city since its formation.

King Abdullah Economic City (KAEC‎) is a megaproject built in 2005 during the reign of king Abdullah bin Abdul-Aziz Al Saud, the then-king of Saudi Arabia, targeting to place Saudi Arabia among the world's top ten competitive investment destinations by the year 2010, planned by SAGIA (Saudi Arabian General Investment Authority) which is the main facilitator of the project. With a total development area of 173 km², KAEC is located along the coast of the Red Sea, and it is divided into six main components: Industrial Zone, Sea Port, Residential Areas, Sea Resort, Educational Zone, and a Central Business District (CBD) which includes the Financial Island. The city is approximately an hour away from the cities of Jeddah, Meccaand Medina thanks to the modern network of roads and railways.