KAEC to offer low-cost housing units

429King Abdullah Economic City (KAEC) will have high environment standards and will be equipped with state-of-the-art technology, a senior official said during Cityquest 2014-KAEC Forum, in Jeddah.

The project will offer low-cost housing units to Saudis and expatriates.

The forum kicked off with a warm welcome by Abdullatif A. Al-Othman, governor of the Saudi Arabian General Investment Authority (SAGIA), who thanked the sponsoring parties for their support.

Al-Othman said investment plans are underway with a strong focus on economic cities as business hubs across the Kingdom.

“The government has identified this sector as the most promising and significant one in terms of job creation, technology transfer and exports development,” he said.

“The Kingdom is developing economic cities based on a strategic vision,” he said, pointing out that KAEC represents an excellent example of a logistic hub in the Kingdom with the launch of the King Abdullah Port (KAP).

Fahd Al-Rasheed, managing director and chief executive of KAEC Group, said that KAEC represents King Abdullah’s vision to reinforce economic development, attract foreign investment, open jobs for young Saudis, and provide residential solutions for citizens.

“KAEC has become a new platform to exchange knowledge, to attract foreign investments and to introduce global initiatives such as KAEC-Cityquest Forum, which embraced the experiences of 20 new cities around the world with more than 200 participants from 35 countries,” he added.

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