The CEO of Al Futtaim Group “Omar Al Futtaim” announced signing a contract with KAEC for purchasing a land in the Industrial Land in the city. The land spans over 325.4 thousand square meters and its main purpose is developing industrial and logistic facilities.
According to Al-Khaleej newspaper, the investment decision was taken after reviewing the available investment windows offered by the city and the huge capabilities it teems with which make it one of the biggest investment incubators in the world.
It’s worth mentioning that the KAEC, which is being developed by Emaar KAEX, is an special economic zone that lies on the Red Sea over 172 square kilometers.
The city was established in 2006 by the order of King Abdullah bin Abdulaziz with a total construction cost of 100 million dollars. The city resembles one of the most significant examples of cooperation between public and private sectors in the kingdom. The kingdom’s government is focusing on expanding its industrial platform, developing its urban reality, and diversifying its income resources.