In addition to the 600,000 square metres dedicated to IT-focused knowledge- based industries, which will form the hub of the city, the Foundation has insisted there is an equal level of commitment to the cultural aspect of Al Madinah. On an even larger scale is the King Abdul- lah Financial District, underway in Riyadh and located close to the capital city's business district. This financial hub is a 1.6-million- square-metre site with three million square metres of floor space and was designed as a state-of-the-art centre for effective busi- ness, facilitating investment and promoting enterprise in the Kingdom. Construction began in 2007 and, when completed, the site will be the Middle EastÕs first large-scale financial district, bringing the regulatory and technological standards of the world's major global financial centres to the Middle East, as well as strengthening the Kingdom's financial plans to diversity away from oil. In addition to world-class office space, the district will have hotels, conference centres, shopping and recreational facilities, all with easy access to the airport and road systems. Several respected financial institutes have relocated to the financial district, such as the Capital Market Authority (CMA) and the Stock Exchange (Tadawul). Accountancy firms, auditors, lawyers, analysts, rating agencies, consultants and IT providers are also now based in the development. Moving forward, the Jeddah Mayoralty has prepared a list of 100 projects as part of the city's 20-year development programme. These include: the Jeddah Centre project covering Balad and parts of the waterfront; together with several projects along the Jeddah Corniche. The MayoraltyÕs aim is to: provide modern infrastructure; create leisure and recreational space; increase housing; tackle some of the long-term issues of other unplanned settlements; solve a range of environmental problems; and contribute to a robust and sustainable economy.
AL YAZEEN & GOLF COURSE PROPOSED DEVELOPMENT
ATTRACTING TOURISM As part of its efforts to further strength-
en Saudi's tourism industry, the Saudi Commission for Tourism and Antiqui- ties (SCTA) is constantly working on developing over 50 tourism destina- tions across Riyadh, Jeddah, Abha and Al Madinah throughout the Kingdom each year. These tourism projects help promote the industry, create jobs and contribute to the Kingdom's economy, according to SCTA chairman Prince Sultan bin Salman bin Abdul Aziz. "The SCTA will make these tourist des- tinations more attractive for investment. Now the work is underway to complete the steps to announce the development of other sites during the next phase," he said. Prince Sultan added that the com- mission was committed to developing domestic tourism. "We are constantly working to prepare the local market to meet the growing demand for domestic tourism through the provision of high- quality services and programmes."
BUILDING CITIES The King Abdullah Economic City
(KAEC), a dynamic 168-million-square- metre development, is being built near Al-Rabegh, north of Jeddah. Extend- ing along a coastline of 35 kilome- tres, the city is set to include tourism, finance, education, petrochemical, pharmaceutical and research areas. Planned by the Saudi Arabian General Investment Authority (SAGIA), the King Abdullah Economic City is evolving over time, adjusting its growth as it follows market conditions and the feasibility of development. First announced in 2005, the first phase was all but finished in 2010 and the whole city is due for completion in 2020. The hospitality industry in KAEC will be a major revenue channel, with the numerous beach, resort and hotel facilities providing top-quality services. Besides leisure tourism, the hospital- ity industry will also service business tourism, with meetings, incentives, convention and exhibition services.
Saudi Arabia has witnessed a specific increase in business tourism... largely due to major
improvements in economic and urban development
Saudi Arabia has also witnessed a specific increase in business tourism, now accounting for approximately 19 percent of the total tourism spend. This is largely due to major improve- ments in economic and urban devel- opment, available facilities, services and infrastructure. According to the MAS Tourism Report during 2010, more than 2.7 million business tour- ists participated in over 90,000 busi- ness events, spending in excess of SR5.19 billion (US$1.38 billion).
With a range of accommodation for all types of tourists, the city will offer over 11,000 rooms in 70 hotels located within different parts of the city, includ- ing the resort areas and the city center. The mega-project is closely allied with the KingdomÕs ongoing drive to expand the economy, create employment opportunities for its youthful population and function as a catalyst to attract foreign investment, global trade, commerce and industry. Based on initial forecasts, the project and its several components will create up to one mil- lion employment opportunities in both the various industries and the service-oriented companies that will open in KAEC. It will also be home to two million residents. In addition to the KAEC, several gated communities across Saudi Arabia are being initiated by Al Akaria, the development arm of the Saudi Real Estate Company. These gated communities will be built outside major cities, in line with Saudi govern- ment planning, to ease the congestion in built-up conurbations. Plans for the company's first gated community on the outskirts of Riyadh have been drafted.
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