Saudi economic city gears up to attract investors

August 11th, 2008 - 6:37 pm ICT by IANS  

Dubai, Aug 11 (IANS) The Knowledge Economic City (KEC) in Madinah, one of the six economic cities being built in Saudi Arabia, is gearing up to attract investors and joint ventures to the many facilities it will be offering. The diversity of the city’s main components as well as its focus on the development of knowledge-based industries promise to make the project a landmark for Muslims worldwide and provide investors with sound returns on investment opportunities, the state-run Saudi Press Agency quoted Tahir Mohammed Bawazir, chief executive of Knowledge Economic City Developers Company Ltd, as telling the local media.

“The Custodian of the Two Holy Mosques, King Abdullah Bin Abdulaziz pays special attention to the city of Madinah, as it aims to create a categorical leap in the economic development of the region,” Bawazir said.

The city, being built at a cost of 30 billion Saudi riyals ($8 billion) has a special significance for Muslims throughout the world because of its location near the Islamic holy city of Madinah, he added.

The 4.8 million square metres project is located about five km east of Haram and seven km from Madinah airport.

It is one of the six economic cities being developed across that Gulf nation to boost regional development and provide employment for the country’s growing population.

“The city will create more than 20,000 jobs and 30,000 residences accommodating up to 150,000 people,” Bawazir said, adding that KEC is designed in such a way that it would position Saudi Arabia and young Saudi entrepreneurs as internationally respected pioneers in knowledge-based industries.

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