Big demand for housing projects at KAEC
Riyadh, May 19, 2013
The huge influx of investments in business enterprises and industrial projects at King Abdullah Economic City (KAEC) have resulted in a surge in demand for residential accommodation for employees and workers, said a senior official.
KAEC is the most prominent among a series of 'economic cities' that are part of Saudi Arabia's plan to diversify the country's oil and gas-based economy and provide jobs for the country's growing population.
It is now offering a wide range of housing solutions suitably priced for different income levels, some of which are already fully operational, said managing director and CEO Fahd Al-Rasheed.
Giving a status update on progress in KAEC, Al-Rasheed said there has been a steady growth in the number of businesses and investments in the project from both local and international companies.
The KAEC is ideal for those looking for a prime location that offers world-class infrastructure, electricity, water and sewage network, telecommunications services, paved roads and storm water drain system as well as logistical and support facilities for all industrial, residential and commercial lands, he explained.
Al-Rasheed said, "We have signed more than 50 contracts with local and international companies, some of which are already operational while others are in the stage of constructing their commercial and manufacturing facilities."
The top industrial companies include Mars Saudi Arabia; the largest chocolate factories in the world, oil major Total, Greif; a world leader in textile and plastic packaging products and services, and pharmaceutical giants Pfizer Saudi Arabia and Sanofi Aventis.
Leading Saudi companies such as healthcare specialist Tamer Group, Saudi Airlines Catering and Saudi Smart Technology Hub, Petra; Engineering Industries and leading manufacturers of AC and refrigeration Al-Salem Johnson Controls besides top Saudi dairy Almarai and Panda have also set up their base in KAEC.
All these firms will get to enjoy the close proximity to King Abdullah Port, which is expected to begin its pilot operation by the end of this year. Once it starts operation, the new port will have a capacity of 1.3 million containers per year.
“The huge influx of investments in business enterprises and industrial projects have resulted in a surgedemand on residential accommodation for employees and workers, which KAEC is meeting by offering a wide range of housing solutions that are suitably priced for different income levels, some of which are already fully operational," stated Al Rasheed.
The key projects in the offering are Bay La Sun District which offers a modern and sophisticated lifestyle including the Marina Towers and Beach Towers, the Bay La Sun Hotel and Marina, the first hotel to open in the city, the Oceana luxury resort located on the Red Sea coast, and the business park.
In addition, Al-Murooj District, which is the first area dedicated for the construction of luxury residential villas, and the Tala Gardens neighborhood which offers residential lands of various sizes at competitive prices, as well as the labor campus located in KAEC Industrial Valley that includes all needed facilities and services, and scheduled to handover the first phase in Q1, 2014.
All those residential neighbourhoods are supported by different services and facilities such as The World Academy School which is already open with a total capacity of 2,250 students, the first medical center for primary care and emergency operated by Dr Soliman Fakeeh Hospital Company, he added.-TradeArabia News Service