Business & Money | Thursday 9 November, 2017 6:00 am |

King Abdullah Economic City announced on Wednesday November 8, 2017 the signing of a series of agreements and partnerships on the sidelines of the third edition of the Time Forum.

 

The signings include: an agreement between the General Customs Authority and the Economic Cities Authority (ECA) to establish a deposit and re-export zone in King Abdullah Economic City (KAEC); an agreement to establish an auto racing circuit at Lagoona and Marina Dreams; an agreement to establish a gas station; and another to expand the Industrial Valley. In addition there were agreements in the real estate development, tourism and leisure sectors, and supporting administrative services.

 

The forum was held under the patronage of His Excellency the Governor of the Saudi Arabian General Investment Authority (SAGIA), Eng. Ibrahim bin Abdulrahman Al-Omar.

 

In his address to the attendees, Governor Al-Omar said, “Under Vision 2030 we are creating new growth engines in strategic sectors  such as transport, healthcare, ICT, renewable energy and local manufacturing to drive greater economic diversification in the Kingdom of Saudi Arabia.. KAEC, which combines a strategic location, strong national and international connectivity and a robust private sector mindset, is an important part of our vision for the future.”

 

 “The interaction and turnout of local, regional and international companies at the Time Forum shows the strength, firmness and attractiveness of the Saudi economy,” he added. “Today, King Abdullah Economic City is one of the main development engines in the region and is witnessing rapid growth in a range of promising sectors such as infrastructure, services and facilities.”

 

The Governor’s speech was preceded by a welcome speech delivered by Fahd Al-Rasheed, Group CEO and Managing Director of KAEC, in which he presented the latest developments, achievements and strategic vision of the Economic City. Following this, the business leaders at the Economic City showcased a package of projects and investment opportunities worth more than SR 7 billion in the logistics, industry, leisure, commerce, housing, health and education sectors.

 

Al-Rasheed emphasized the important role that the  government has played in the success of the city  through its emphasis on the development of the non-oil economy. Al-Rasheed emphasized the value of the public-private partnership model in attracting investors interested in  the promising opportunities offered by KAEC. He also highlighted the key role played by the city in generating quality employment opportunities for young Saudis.

 

Time Forum is a platform where KAEC’s leaders meet with partners from ministries, government agencies, the private sector and other interested parties. This year the Forum was attended by more than 300 national and international investors and leaders from business and government. It also witnessed the participation of representatives of international organizations including the Young Professionals’ Organization (YPO) and a delegation of global leaders interested in the development of major global infrastructure projects.

 

"We at the Economic Cities Authority take pride in KAEC’s achievements and we look forward to further growth in all developmental fields” stated Muhannad Hilal, General Secretary of the Economic Cities Authority. “Today, economic cities are among the social and economic pillars that attract large companies, embrace small and medium-sized enterprises, and provide residential solutions, career opportunities and modern lifestyles to meet people’s aspirations and the leadership’s ambition. HRH Crown Prince Mohammed bin Salman  recently highlighted that the government is working with KAEC on 45 programs, showing  the enormous support given from the Kingdom’s government to the private sector, which strengthens KAEC's position on the national economic map,”