Saudi-based King Abdullah Economic City (KAEC) said it has signed a series of agreements and partnerships with the General Customs Authority and the Economic Cities Authority (ECA) to establish a deposit and re-export zone within the Jeddah facility and also build an auto racing circuit at Lagoona and Marina Dreams.

KAEC is the largest privately-funded new city in the world comprising King Abdullah Port, the Coastal Communities residential districts, the Haramain Railway district and the Industrial Valley.

Situated on the west coast of Saudi Arabia, KAEC covers a 181-sq-km area of land, approximately the size of Washington DC.

The deals inked on the sidelines of the third edition of the Time Forum also included one for establishing a gas station and expansion of the Industrial Valley.

In addition, there were agreements in the real estate development, tourism and leisure sectors, and supporting administrative services, said senior KAEC officials at the forum.

The event was held under the patronage of Ibrahim bin Abdulrahman Al Omar, the governor of the Saudi Arabian General Investment Authority (Sagia).

Time Forum is a platform where KAEC’s leaders meet with partners from ministries, government agencies, the private sector and other interested parties. This year, more than 300 national and international investors and leaders from business and the government took part.

In his address, Al Omar said: "Under Vision 2030, we are creating new growth engines in strategic sectors such as transport, healthcare, ICT, renewable energy and local manufacturing to drive greater economic diversification in the Kingdom of Saudi Arabia."

"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," he added.

Fahd Al Rasheed, group CEO and the managing director, gave a presentation in which he showcased the latest developments, achievements and strategic vision of the Economic City.

Following this, the business leaders at the Economic City unveiled a package of projects and investment opportunities worth over SR7 billion ($1.9 billion) in the logistics, industry, leisure, commerce, housing, health and education sectors.

Al Rasheed stressed the important role that the government had played in the success of the city through its emphasis on the development of the non-oil economy.

He also highlighted the key role played by the city in generating quality employment opportunities for young Saudis.-TradeArabia News Service