In an open meeting held in Asharqia Chamber, King Abdullah Economic City officials offer new investment opportunities.
A member of the Board of Directors of Asharqia Chamber, Badr bin Mohammed Abdul-Karim, argued that Economic cities are one of the sources of economic diversification, and a main source of employment that would reduce unemployment rate.
The meeting was held at the chamber headquarter on Wednesday March 14. A number of representatives of the business sector in the region and officials of King Abdullah Economic City were attended this meeting.
During the meeting that was mainly about the industrial valley, they discussed the idea that the valley has an infrastructure for industrial integration and maximizing the value added of raw materials, as well as various investment options that are easy to operate, diversified and rapidly growing.
Al-Abd Al-Karim noted that the industrial sector is increasingly important in the national economy as a locomotive for economic development and a key pillar in achieving our development goals in line with the vision of the Kingdom of 2030. It is also a sector that has more employment and investment opportunities and is connected to many other economic sectors.
The Executive Chairman of the Industrial Valley of King Abdullah Economic City, Engineer Ayman Yousef Mansi, said that the city, which is an area of 181 million square meters, is an additional value to strengthen the position of the Saudi economy globally. He pointed out a number of new initiatives in the city in cooperation with a number of local and foreign agencies.
Mansi said that the city is witnessing many new developments that make it a privileged location to attract more local and international investments. First of all, the many developments in the King Abdullah Port in the city as it can handle 3 million containers, and is expected to reach 4 million containers in the future. In addition, the train of the two Holy Mosques as it links four cities in the Western Region (Makkah, Madinah, Jeddah, and King Abdullah Economic City). The starting of this train would have a great impact on transportation (and tourism) very much, as it will not take more than 55 minutes to move from the city to Mecca or Madinah. He also referred to a number of recent initiatives, most notably the partnership project with the Ministry of Housing for the completion of 200 housing units. As well as the cooperation with the General Authority for Entertainment to launch some entertainment projects in the city. Also, he referred to the agreement with the General Authority for Sport and Youth of establishing a golf club on an area of 800 thousand square meters with international specifications, and other initiatives with local and foreign agencies.
He noted that the city plays an important role in the field of education and training through attracting international universities such as College of Prince Mohammed bin Salman, which was the first college opened in the city that graduate cadres specializing in entrepreneurship. He said, "We also have an ambitious program to train the Saudi youth in the city under the patronage of HRH Prince Khalid Al Faisal. During the previous period, 3000 young men and women were trained on the necessary skills to enter the labor market. Some of them worked in the city and some joined the work force outside the city." Moreover, A memorandum of understanding was signed with Saudi Aramco to establish the first Aviation Science College.
He stated, "We have a social, economic, and cultural vision that we are trying to implement in the city. In addition to our interest in training and rehabilitation (providing about 10,000 jobs in various fields), we have the largest sports complex in the Kingdom." The industrial valley is the fastest industrial city in the Arabian Gulf, and this is due to Allah's support and the follow-up of the leadership of the country, which entrusted the city administration to one regulatory agency, the Economic Cities Authorities. The Authority deals with the system of one window as all the formal procedures are available there.
The administrative development officer at King Abdullah Port said that the most prominent feature of this port is that it is managed by the private sector. It employs a capacity of 20 million containers, which will contribute to raising the Kingdom's position among other countries. The port has a dedicated parking area of 1.5 million cars and has been completed by 90%. The port also has a bulk cargo area of around 18 million tons. He mentioned that the linking land bridge that connects the port to the land of the Kingdom would enhance the status of the port in the system of national economy. The port also has an area equipped with the best inspection equipment and customs clearance by fast procedures, which are approved in all the ports of the Kingdom, so that it does not exceed 24 hours. The deposit and re-export area will support the Kingdom's trade with Africa, which looks forward to a promising future in the global economy.
Bukhari stressed that the management of King Abdullah Economic City since the first day to launch this port was paying attention to the fact that the port is designed for the future. The port canal is 18 meters long, which means its readiness to receive the largest international ships. He said that the strategic location of the city and the port supports the Kingdom's direction in implementing the Vision of 2030 in order to strengthen the Kingdom's position in the global economy and enrich the gains made in the past years.
The executive director of sales in the Industrial Valley, Engineer Anas Jabri, explained that the industrial valley clean area for medium light industries. Therefore, it has attracted many significant industrial sectors, perhaps the most prominent food industries, as some of the largest food companies in the world located in the industrial valley. The existence of the valley in the Kingdom provides an opportunity for companies that are willing to export food products that are subject to religious requirements of the countries of the Islamic world. He added that there are 10 pharmaceutical factories in the City, including the two largest pharmaceutical companies in the world. It is a promising investment sector, especially since 80% of the medicine in the Saudi market is imported. Therefore, the Industrial Valley has the largest pharmaceutical industry in the Kingdom, which is the first project to be held in the Kingdom.
He added that the valley attracts other industrial sectors, including logistics, packaging, vehicles, and other industries, especially that foreign investment is available 100%. In addition, Field and space are also available to own or lease in industrial land. The industrial valley provides ready-made factory and warehouse that are fully serviced, so the investor can own it.
