RIYADH: In a bid to drive sustainable development in the region, Saudi Arabia’s King Abdullah Economic City has signed an agreement with Sky Tower Investments Co. to build a zero-carbon industrial park within the city.
The partnership aims to utilize the knowledge and assets of both entities to improve sustainable progress within the Kingdom, in line with its green initiatives.
According to a press statement, this partnership will attract numerous investments and offer a chance to look into opportunities within KAEC.
KAEC strives to attract major corporations, relying on its strategic location, advanced and distinctive infrastructure and connectivity through highways and railways.
This move establishes KAEC as a global gateway along the Red Sea corridor on the western coast of the Kingdom.
The planned zero-carbon industry park is set to cover a range of advanced high-tech sectors, including carbon, hydrogen and silicon materials and clean energy technologies such as solar and wind energy innovations.
In June, KAEC signed an agreement with Vivienda, a Saudi hospitality brand owned by the Forus Real Estate Investment and Development Co., to build a luxurious resort featuring a mix of 60-key boutique hotel, 20 luxury villas and 24 serviced apartments on 29,000 sq. meters of land.
The project is situated along the Red Sea coastline within KAEC, which aligns with the city’s efforts to expand its hospitality services, drawing in a diverse range of business activities as it evolves into a prominent manufacturing and logistics center in the Kingdom.
The investment location, housing more than 100 multinational and Saudi companies operating in the city, is being developed by Emaar, The Economic City, the master planning entity.
Emaar is a publicly listed company on Tadawul, with a 25 percent ownership stake held by the Public Investment Fund.
To support the goals of the Kingdom’s Vision 2030 and the growth of tourism occurring in the country, KAEC initiated many projects to attract more visitors to its shores, including the Rixos Emerald Shores project, which the Tourism Development Fund also supports.
Located a short distance north of Jeddah, KAEC is a 185 sq. km city anchored by King Abdullah Port and KAEC Industrial Valley, which is focused on developing the Kingdom’s logistics and light manufacturing capacities.
Source: https://www.arabnews.com/node/2363511/business-economy
Image Credit: BBC