Saudi Arabia’s King Abdullah Economic City (KAEC), the largest privately-funded new city in the world, said it has awarded new construction and development contracts worth more than SR1.2 billion ($319 million) from the beginning of this year.

Of these contracts, around 20 per cent were allocated for the development of the KAEC’s industrial valley and the residential areas with its utilities, while the remaining 80 per cent catered to various projects, services, and products aimed at enhancing the living standards of the residents at Economic City, said a statement from KAEC.

The main focus was on projects linked to tourism, recreation, and sports facilities, it added.

CEO Ahmed Bin Ibrahim Lengawi said: "The economic development plans of the city continue to strengthen the strategic sectors in the city, including the logistics and industrial sectors. The Industrial Valley has so far attracted more than 110 national and international companies."

"The development plans for the city are continuing so as to develop strategic sectors like the logistics and industrial sectors," he added.-TradeArabia News Service