King Abdullah Economic City announced on Wednesday the signing of a series of agreements and partnerships worth SAR1.790 billion (USD447 million), 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.
Agreements were also signed in the real estate development, tourism and leisure sectors, and supporting administrative services.
In his address, Governor of the Saudi Arabian General Investment Authority (SAGIA) Eng. Ibrahim al-Omar said: “Under Saudi Vision 2030, we are creating new growth engines in strategic sectors such as transport, healthcare, renewable energy and local manufacturing to drive greater economic diversification in the Kingdom.”
He added that 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.
Fahd Al-Rasheed, Group CEO and Managing Director of KAEC, presented the latest developments, achievements and strategic vision of the Economic City.
The third edition witnessed a huge turnout of businessmen and firms, on the local, regional and global levels. Also, various international organizations showed interest in it and attended.
“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.