Saudi economic city gears up to attract investorsAugust 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.
- UAE leaders greet new Saudi crown prince - Jun 19, 2012
- UAE mourns death of Saudi crown prince - Jun 16, 2012
- Saudi king issues decrees to ease domestic tensions - Mar 18, 2011
- 16 Indian Haj pilgrims die in Saudi Arabia - Oct 14, 2011
- 19 Indian Haj pilgrims die in Saudi Arabia - Oct 15, 2011
- Saudi crown prince passes away in Geneva (Second Lead) - Jun 16, 2012
- Saudi King Abdullah names Prince Salman crown prince - Jun 20, 2012
- Antony's visit: India, Saudi Arabia seek stronger ties - Feb 15, 2012
- UAE's exports to Saudi Arabia exceed $266 bn - Sep 04, 2010
- Saudi king chooses new crown prince, interior minister - Jun 18, 2012
- Salman Khurshid arrives for Saudi Arabian prince's funeral - Jun 17, 2012
- UN chief hails voting rights for Saudi women - Sep 30, 2011
- 70,000 faithful throng Hazratbal shrine (With Images) - Feb 10, 2012
- Pak envoy describes WikiLeaks' documents as misleading, ridiculous - Dec 06, 2010
- India, Saudi Arabia crucial for global financial restructuring:PM - Feb 28, 2010
Tags: company ltd, custodian, gears, haram, holy city, holy mosques, investment opportunities, joint ventures, kec, king abdullah, knowledge based industries, local media, madinah, mohammed, pioneers, regional development, returns on investment, saudi arabia, saudi press agency, saudi riyals