Saudi Arabia's King Abdullah Economic City (KAEC) has signed agreements with more than 70 international and local companies to establish projects worth more than SR10 billion ($2.66 billion) in various fields, an Arab News report said.

Major companies such as Pfizer, Sanofi and Mars are investing in the Industrial Valley of the city, KAEC CEO and managing director Fahd Al-Rasheed was quoted as saying in the report.

Eight companies have already begun actual production, Al-Rasheed said.

The city is being developed on a 28 million sq m land.

Meanwhile, the city has launched more than 300 investment opportunities for Saudi and non-Saudi investors with a total value of SR4 billion ($1.066 billion) in real estate and tourism sectors, according to a report.

The new projects include development of Al-Shorouq residential district for lower and middle level income groups comprising 1,340 residential units in the initial stage available for purchase. Another project is to develop the posh Al-Morouj residential district on the seafront extending over an area of 4.6 million sq m with 2,330 plots for villas.

The city also offers investment opportunities for the development of low-cost and four-star hotels and resorts, for which sufficient space has been allocated at different places, the report said.