KAEC launches summer residential offering

10/08/19

In line with the strategy to enhance the quality of life on its beaches, King Abdullah Economic City (KAEC) has announced the launch of its summer residential offering under the slogan “Own a Turquoise View and Get a Car Free.”

The offer is valid until Aug. 31. The live-by-the-sea campaign, launched for the first time ever, offers a free car upon purchasing a residential unit, with flexible payment plan over the course of five years with zero interest, and only 20 percent down payment.

“The residential communities in KAEC offer a collection of lifestyle elements and amenities which is unprecedented for any developer in Saudi Arabia, especially for those seeking entertainment, relaxation and rejuvenation with a direct view of the Red Sea and within a progressive, private and safe environment supported by technologically advanced infrastructure and world-class amenities,” said Charles Biele, CEO of KAEC’S Real Estate Development Company.

The campaign offers families and investors a wide range of housing solutions, making homeownership possible for all Saudi citizens, as well as an enriching lifestyle in KAEC and helping realize Saudi Vision 2030.

Residents enjoy a variety of exclusive and luxurious lifestyle experiences and benefit from KAEC’s numerous facilities, which include waterfront dining options, retail outlets, health care, security, mosques, the highest quality schools, world-class universities and a number of luxury sporting and recreational facilities.

The KAEC is the largest privately funded new city in the world. Situated on the west coast of the Kingdom, KAEC covers an area, approximately the size of Washington, DC. KAEC comprises King Abdullah Port, the Coastal Communities residential districts, the Haramain Railway district and the Industrial Valley. The city is under development by Emaar, The Economic City.

This article was first published in Arab News

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King Abdullah Port ranked world’s 2nd-fastest-growing in 2018

Time: April 29, 2019  

The Saudi port is amongst the fastest growing in the world. (File/SPA)
  • The port was ranked eight in 2017

JEDDAH: Alphaliner has ranked King Abdullah Port at King Abdullah Economic City (KAEC) second among the world’s fastest-growing ports in 2018.
The port was ranked eighth in 2017. Its CEO Rayan Qutub said this indicates that it is on the right track.
Alphaliner specializes in analyzing maritime data, port capabilities, the future development of ships and shipping routes worldwide.

This article was first published in Arab News

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KAEC to showcase the luxury golf plots

Time: November 23, 2018   

King Abdullah Economic City is set to release a limited number of its prestigious “Royal Greens Fairways” Golf plots, surrounding the global award winning Royal Greens Golf & Country Club located within Al Murooj district.

The events will be held at the new KAEC-Jeddah sales centre from November 24 to 28.

“Royal Greens Golf Community is our signature development. There is no other project in Saudi that brings together so many inspirational elements in one place. The exclusive gated community is surrounded by a global award winning 18-hole championship golf course with a 7-star clubhouse, as well as a unique family sports and leisure facility,” said Charles Biele, CEO of Real Estate Development Company (RED) in KAEC.

“The prestigious “Royal Greens Fairways” ready golf plots have been developed to provide a high quality environment designed to meet the needs of today’s affluent Saudis who aspire to a luxury lifestyle supported by technologically advanced infrastructure and world class amenities.”

The exclusive gated community of “Royal Greens Fairways” offers maximum privacy and security, as well as designed to have unmatched views of the 18-hole championship golf course. A number of selected plots will also enjoy of both the Red Sea and the golf course lakes.

This article was first published in Trade Arabia

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Saudi KAEC awards $319m construction contracts in 2018

Time: November 13, 2018   

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.-

This article was first published in Trade Arabia

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King Abdullah Economic City launches private car rental service

Time: October 16, 2018   

Part of King Abdullah Economic City in Jeddah. (File photo / AFP)

JEDDAH: King Abdullah Economic City has launched the iDrive, a first-of-its-kind vehicle network in Saudi Arabia.
The new service will provide residents and visitors with the opportunity to rent cars through a special application, via smart devices, closest to their location.
“The service will enhance the city’s economic attractiveness and ease of movement, and will contribute to saving money, time and waiting times for public transport,” said Shadi bin Mohammed Ghumari, CEO of development and civil services at the economic city.
He said the service comes within the efforts of the economic city’s development of the public transport system, that embodies the Al-Haramain train, public transport service to and from Jeddah, highway networks associated with the Economic City, and the city’s transportation service.
Ghumari explained that the iDrive service is available in two tariffs; “Go” and “Super Go.”
No membership fee is required and fare charges start at SR5.
The price of the fare starts at less than 50 halalas per minute during the first 6 hours, then 0.0166 halalah per minute during the next six hours. It is then free for the rest of the day with a maximum distance of 200 kilometers.
He added that the “Super” plan offers more user features and comes with a membership fee of SR30 per month.
Ghumari said, as with the “Go” plan, the fare fee starts at SR5, however, with the upgraded plan, the fare starts from 0.3666 halala per minute during the first 6 hours of the trip, then 0.0166 halala per minute during the next six hours,
It is then free for the rest of the day with a maximum distance of 300 kilometers.

This article was first published in Arab News

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Saudi Arabia: KAEC Pipeline of $27 Million

Time: June 26, 2018

King Abdullah Economic City launched with Gas Arabian Services a natural gas pipeline project worth SAR102 million (USD27.2 million) in the Industrial Valley.

This is part of a comprehensive project that Aramco is keen to implement with KAEC to supply the economic city with natural gas from Yanbu.

The diameter of the pipeline reaches 18 inches and has a length of around 13.7 kilometers, according to the low-pressure system.

Fahd Al-Rasheed, managing director and CEO of KAEC, said the project’s inauguration aims to fulfill future and current needs.

The project would be an added value offered by the Industrial Valley to investors for allowing to reduce the operational costs of different companies, factories and investors in the city in addition to expanding the quality of target investments to include gas-dependent industries with competitive prices and features.

The pipeline project has several facilities, including a launch area, a joint free zone between KAEC and Aramco in the fifth phase of the Industrial Valley, and another delivery zone in the second phase.

Development works for the pipeline are expected to be completed within 15 months.

This article was first published in Asharq Al-Awsat 

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King Salman receives US Secretary of State

Time: April 29, 2018

King Salman bin Abdulaziz Al Saud received at his palace United States Secretary of State Mike Pompeo.

During the meeting, they reviewed bilateral relations between the two friendly countries, latest developments in the Middle East region and efforts being exerted towards them.

The audience was attended by Prince Khalid bin Salman bin Abdulaziz, Saudi Ambassador to the United States of America, Minister of State and Cabinet’s Member Dr. Musaed bin Mohammed Al-Aiban, Minister of Foreign Affairs Adel bin Ahmed Al-Jubeir, and a number of officials at the United States Department of State.

Earlier, recently confirmed US Secretary of State Mike Pompeo has arrived in the Saudi capital of Riyadh to begin his first regional tour as his country’s top diplomat.

This article was first published Al Arabiya English
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King Abdullah Economic City to exploit entertainment boom in Saudi Arabia: Chief Fahd Al-Rasheed

SOURCE: Arab News

April 12, 2018

  • Social and cultural aspects of the changes underway in Saudi Arabia were as significant as the economic transformation: Al-Rasheed
  • Music and other entertainment events had been behind the recent boom in visitors to KAEC

The King Abdullah Economic City (KAEC), the multibillion-dollar development on Saudi Arabia’s Red Sea coast, intends to exploit the opportunities presented by the Kingdom’s booming entertainment sector, the city’s chief executive said on Wednesday.

Speaking at the opening session of the Top CEO 2018 forum, Fahd Al-Rasheed said the social and cultural aspects of the changes underway in Saudi Arabia were as significant as the economic transformation, and that the KAEC could expect big commercial and financial benefits from the shift toward leisure and entertainment.

“All round the world, entertainment creates big economic benefits. KAEC wants to take part in that,” he said, speaking at the Bay La Sun Hotel resort-based event, adding that 10 million square meters of the KAEC area had recently been designated as land for entertainment development.

“We have one of the top maritime ports in the world, we have big oil and gas facilities, but you have to give people what they want,” he said.

Al-Rasheed, who has been the CEO of KAEC since it was launched in 2005, said that music and other entertainment events had been behind the recent boom in visitors to the 67 square mile development an hour’s drive outside Jeddah.

In 2015, there were just 10,000 visitors, but in 2017 the figure leaped to 370,000 for ticketed events, lured by new hotel and marina facilities as well as music concerts.

KAEC is planned as an industrial, commercial and residential development beside a new port on the Red Sea, but leisure and cultural aspects have been increasingly emphasized as part of the Kingdom’s commitment to social development under the Vision 2030 plan.

Al-Rasheed said entertainment was a significant factor in the economies of countries such as Britain, South Korea and China, but especially in the US, where 44.5 percent of total employment is related to the entertainment business, which generated $700 billion of value to America’s gross domestic product.

He also pointed out that many companies in entertainment were small-to-medium enterprises, which are a focus of the Saudi economic transformation, which aims to encourage entrepreneurship.

Al-Rasheed said big developments such as Neom, the $500-billion giga-project at the northern end of the Red Sea, were needed to accommodate the booming Saudi population.

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Saudi Arabia announces largest budget in its history

Time: December 19 2017

King Salman bin Abdulaziz Al Saud, chaired the Saudi Cabinet’s session at Al-Yamamah Palace, on Tuesday, during which the State’s General Budget for the fiscal year 2018 was approved.

King Salman bin Abdulaziz Al Saud addressed the nation, announcing the budget, as the largest expenditure budget in the history of the Kingdom. The budget, he said, takes into account the lower oil price levels compared to previous years, and has been planned in order to continue development and enhancement process towards achieving the Kingdom’s Vision 2030, that aims at increasing the size of the national economy and sustain its growth, through diversification of the economic base, sources of income and the capacity to adapt to developments and for overcoming challenges.

The King said that dozens of programs have been launched to realize the goals of diversifying the economic base and empower the private sector to play a major role, in sustaining expenditure efficiency, in order to realize appropriate economic growth rates, mitigate the burden on the citizens and tackle possible impacts, in addition to supporting the private sector.

He hailed the achievements related to decreasing the deficit of the budget of the current fiscal year  to 8.9% of the GDP  from 12.8% during the last fiscal year. Despite increasing the expenditure in next year’s budget,  he added that the target is to decrease the deficit  to be less than 8% of the Gross Domestic Product, in spite of the great and expansionary volume of the budget.

The King stated that government programs have managed to downsize depending on oil to about 50%, adding that the development funds and the General Investments Fund take part in the capital and investment expenditure, with portions that exceeded capital expenditure volume, in the budgets of previous years, in addition to government keeping leading with capital expenditure, at an increase of 13%.

As a result, the government decided to invest these successes, expand development and adjust the fiscal balance program till the year 2023.

While maintaining fiscal policies, including the level of debt to GDP to remain below 30% with a level of deficit to be gradually decreased.

The king said “this budget continues to disburse on various development sectors in all regions of the Kingdom at high rates. It also includes allocations for housing, and a large expenditure of government funds that would contribute to push the economic wheel forward, and provide more employment opportunities for male and female citizens.”

The king announced that he directed “ministers and all officials to raise the level of performance, develop government services and enhance the efficiency of expenditure and transparency to meet the aspirations and the satisfaction of citizens for the services provided to them as well as to reflect the desired objectives of the allocated amounts in this budget, and the emphasis on continuing to fight corruption and maintain public money.

He emphasized that the budget takes into consideration the “continuation of work towards comprehensive and balanced development in all regions of the Kingdom, without any distinction.”

 

Following are the highlights of the Saudi Budget 2018:

• Approved 2018 Saudi budget: Expenditure 978 bln SAR, revenues 783 bln SAR, deficit 195 SAR

• Expected 2019 Saudi budget: Expenditure 1006 bln SAR, revenues 843 bln SAR, deficit 163 bln SAR

• Expected 2020 Saudi budget: expenditure 1050 bln SAR, revenues 909 bln SAR, deficit 141 bln SAR

• Expected 2021 Saudi budget: expenditure 1080 bln SAR, revenues 955 bln SAR, deficit 126 bln SAR

• Expected 2022 Saudi budget: expenditure 1107 bln SAR, revenues 1049 bln SAR, deficit 57 bln SAR

• Fiscal balance expected to be achieved in 2023 with expenditure of 1134 bln SAR, revenues 1138 bln SAR, surplus 4 bln SAR

• The 2018 state budget has the biggest expenditure of any adopted budget in the kingdom’s history, and it will be funded from the following sources: 50% from oil revenues, 30% from non-oil revenues, 12% from debt and 8% from government balances

• In 2018, tax on goods and services will generate around 85 bln SAR

• The budget allocates 2.5 billion riyals a month to the Citizens’ Account in 2018

• Public debt’s percentage compared to GDP will not exceed 25% during fiscal balance phase

• General reserves will not decrease below 250 bln SAR during financial balance phase

• Gradual increase of energy, water prices as expats’ levy continues to increase as previously announced

• General expenditure in 2018 to include general budget expenditure, expenditure of Public Investment Fund, other development funds

 

• Expenditure of Public Investment Fund, other development funds in 2018 to reach 133 bln SAR

• Total value of government’s capital expenditure is 338 bln SAR

• Funds’ capital expenditure to be spent on housing, energy, mining, industry, transportation, entertainment, communication, technology and small and medium-sized enterprises

• GDP decreased by 0.5% in 2017, to increase by 2.7% in 2018

• GDP of non-oil private sector increased by 1.5% in 2017, to increase by 3.7% in 2018

• Total value of stimulus packages for private sector are 200 bln SAR

• Capitals of Industrial Development Fund, Real Estate Development increased by 40 bln SAR in 2018

• 72 bln SAR will be spent on recent stimulus packages from 2017 until 2020

• Remaining 88 bln SAR are for future packages aimed at developing private sector, supporting local content

 

This article was first published Al Arabiya English
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