47
Another major city development is the Knowledge Economic City (KEC) in Al Ma- dinah, which will cost US$7 billion to build. Established by the King Abdullah Foundation, KEC is being positioned as a landmark and national icon for knowledge-based industry development in the country. It has been granted special economic zone status by the Saudi Arabian General Investment Authority (SAGIA) in order to attract foreign investment. In addition to the 600,000 square metres dedicated to IT-focused knowledge-based industries, which will form the hub of the city, there is an equal level of commitment to the cultural aspect of Al Madinah. Another major development is the King Abdullah Financial District in Riyadh, which is located close to the capital city's business district. The hub Ð a 1.6 million square metre site with three million square metres of floor space Ð was designed as a state-of-the-art centre for doing business and facilitating investment and enterprise in the Kingdom. It was also built to bring regulatory and technological standards of the world's major global financial centres to the Middle East, and to and strengthen the Kingdom's financial sector as part of plans to diversity away from oil.
Speaking shortly after the project was an- nounced, His Excellency, Ibrahim Abdulaziz Al-Assaf, Minister of Finance, said: "Our common goal in establishing a new financial district is to provide an attractive working environment for the growing number of Sau- dis working in the financial sector." Several respected financial institutes have relocated to the financial district, such as the Capital Market Authority (CMA) and the Stock Exchange (Tadawul). Service providers such as accountants, auditors, lawyers, analysts, rating agencies, consultants, and IT providers, are also based in the development.
Tourist trail
As part of its efforts to further strengthen Saudi's tourism industry, the Saudi Commis- sion for Tourism and Antiquities is develop- ing 52 new tourism destinations across the Kingdom this year through the Al Ogair Development Company.
The new tourism projects will help promote the industry, create jobs and contribute to the Kingdom's economy, according to SCTA chair- man Prince Sultan bin Salman bin Abdul Aziz.
King Abdullah Financial District
KING ABDULLAH FINANCIAL DISTRICT IS A 1.6 MILLION SQUARE METRE SITE AND WAS DESIGNED AS A STATE-
OF-THE-ART CENTRE FOR DOING BUSINESS AND FACILITATING INVESTMENT AND ENTERPRISE IN THE KINGDOM
"The SCTA will make these tourist desti- nations more attractive for investment. Now the work is under way to complete the steps to announce the development of other sites during the next phase," he said. Prince Sultan added that the commission was committed to developing domestic tourism. "We are constantly working to prepare the local market to meet the growing demand of citizens for domestic tourism through the provision of high quality services and programs."
Cityscapes
Although no plans have been confirmed, it is envisaged that the new city being developed on the western coast will include meetings facilities. The King Abdullah Economic City will be built near al-Rabegh industrial city, north of Jeddah. Extending along a coastline of 35 kilometres, the city will also include petrochemical, pharma- ceutical, tourism, finance and education, and research areas.
Several gated communities across Saudi Arabia are being developed by Al Akaria, the development arm of the Saudi Real Estate
Co. These gated communities will be built outside major cities, in line with Saudi gov- ernment planning, to ease the congestion in built up conurbations.
Plans for the company's first gated com- munity, on the outskirts of Riyadh, have been drafted, and Al Akaria is also working on a final blueprint for its Riyadh Techno Valley project. The latter will be a complex for research facilities that are backed by the government, private research institutions and King Saud University.
More rooms
On the hospitality front, Starwood Hotels & Resorts Worldwide, Inc. has signed a long- term management agreement with the Al Hokair Group to open Four Points by Shera- ton Mall of Arabia in Jeddah, Four Points by Sheraton Dhahran and Aloft Riyadh. The addition of these three new properties increases Starwood's portfolio to 13 hotels in Saudi Arabia.
Scheduled to open in mid-2012, Four Points by Sheraton Mall of Arabia is in a prime location in Jeddah, less than three
È saudiarabia 2011
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80