RABIGH — When King Abdullah Economic City (KAEC)’s strategic project is completed, it is expected to accommodate 2 million people and investment projects worth a total of $100 billion, according to Fahd Abdulmohsen Al-Rasheed, KAEC chief executive officer and managing director.
During an interview with Okaz/Saudi Gazette, Al-Rasheed spoke about Cityquest Forum, due to be held at KAEC on Nov. 25 and 26.
The forum, which will be held for the first time at the city, is a non-profit global platform focusing on the exchange of views regarding the future of economic cities all over the globe, Al-Rasheed said.
KAEC was selected to host the forum because it is one of the biggest economic projects in the world. “Countless companies that have implemented gigantic projects in Asia, Europe, the Middle East and Central Asia will be taking part in the forum,” he said.
Moreover, around 150 top government officials and businessmen representing 15 new economic cities in the world will be speaking during the forum about the challenges, obstacles and potential opportunities of economic cities.
Al-Rasheed said the first phase of King Abdullah Port (KAP), which was completed in October, will handle 1.7 million containers in the first year. This number will increase up to 4 million a year after three years when the entire project is completed.
"KAP is a strategic industrial destination for 250 million consumers in the Middle East and North Africa. Simply put, it is a pioneering project that will add a lot to the overall development process seen in the Kingdom. One of its main features is the fact that it is directly linked with the industrial city," he said.
The industrial city project, being developed on an area stretching over 25 million square meters, is the hub for dozens of pioneering global steel, food and pharmaceutical factories. However, these are not the only projects; there are similarly important ones such as the railroads linking the Eastern Province with the Red Sea coast and KAEC with Al-Haramain Railway. The city recently signed a SR300 million contract with the Saudi Electricity Company to connect it with the national power grid.
Regarding Saudization, Al-Rasheed said it is one of KAEC’s priorities. Many foreign companies have started hiring Saudis and providing them with training to meet the government’s requirements that call for creating job opportunities for Saudi youth and enhancing their role in developing the national economy. The city has so far signed contracts with 60 mega local and global companies such as Pfizer, Sanofi, Tamer Group, Saudi Arabian Airlines, Almarai in addition to other companies.
Many KAEC social and entertainment facilities are up and running and work is being carried out to finish the remaining development projects. For healthcare services in the city, Dr. Soliman Fakeeh Hospital operates all week round to meet the medical needs of KAEC residents and employees. There are numerous restaurants and cafes as well as hotels. A hypermarket will open its doors in the beginning of 2014.
