Media Centre

Emaar, the Economic City (EEC), the master developer of King Abdullah Economic City (KAEC), has revealed the financial results of 2014 few days ago in which it achieved its highest revenue in its records. It has also shown a notable growth in net sales and profit in comparison to the past years.

In its recently issued annual report, EEC announced reaching 1.064 million riyals in 2014 reflecting a 28% increase compared to 2013. The net profit in 2014 amounted to 379 million riyals in comparison to the 273 million riyals in 2013, showing a 39% increase. This is in addition to awarding contracts of almost two billion riyals for new construction projects.

Mr. Fahd Al-Rasheed, Group CEO and MD of King Abdullah Economic City, has expressed his pride in these financial results and assured that they are the outcome of the combined efforts of different departments in KAEC along with all its employees, each of who has made an impact in the advancement of KAEC according to the highest international standards. Al-Rasheed confirmed:” KAEC is moving in high pace within its strategies. Today, it is brimming with various residential projects that suit all segments of the society, distinctive educational projects, integrated infrastructure along with hospitality and entertainment services for residents and visitors. In the Industrial Valley, we have also attracted international and local companies in strategic sectors like pharmaceuticals, food and consumer goods, logistics and construction as well as building materials. The numbers of companies that have obtained industrial lands have reached 93; each of them will provide job opportunities for national cadres. Because investing in people is one of KAEC’s primal concerns, it has established the first “Career Fair” with 1000 job openings from 25 companies, where the number of registered applicants reached 20,000 young males and females within 24 hours of the website’s launch. This made us extend to an extra third day even though the fair was only meant for two days. In addition, King Abdullah Port (KAP) that is set to be one of the 10 largest ports in the world, is able to accommodate 3 giant commercial ships and to unload them at the same time. Since its inception, KAP has witnessed the arrival of more than 380 commercial ships including large ones like (MSC London), which is considered one of the biggest containers in the world and has anchored for the first time in the harbors of the Kingdom. Moreover, 511 thousand containers have been handled at the Port since its startup.”

He continued:”2014 has witnessed the launch of special residential properties. Two of the most important ones were Al-Shurooq and Al-Waha districts that feature attractive designs and environment with affordable prices, along with Al-Murooj and Al-Talah Gardens districts. We have also commissioned more than 2500 residential units including apartments, villas and lands, which were notably popular among investors and buyers. We will continue to offer total housing solutions that suit all segments of the society. The City has also signed contracts for ample industrial lands with leading companies in the industrial and logistic fields. It has also awarded construction contracts that have exceeded two billion riyals. These results have increased the trust with different Saudi and International banks, which proven by the two billion riyals it had acquired as a fund from the Saudi British Bank, and the 1.25 billion riyals from Alinma Bank.”

On the touristic level, 2014 witnessed an influx of citizens and residents visiting King Abdullah Economic City. The first 5 stars hotel in the City, “Bay La Sun Hotel and Marina” has successfully managed to attract workshops and forums of almost 90 companies from all over the Kingdom.

In order to accelerate the pace of development in KAEC, Al-Rasheed elaborated: “Work on diversifying the real-estate base will continue as industrial and residential lands specifically, are up for sale or rent. We will also proceed to take part in strategic partnerships with the private and government sectors in big projects that are necessary for the support and acceleration of the City’s progress. Additionally, we will ensure following the optimum method in managerial as well as setup processes, and in serving investors and residents with suitable prices.”

Al-Rasheed concluded by saying: “KAEC is one of the largest and most important economic projects run by the private sector in the world. KAEC is being developed to become an integrated city that benefits from a promising investment environment designed to enhance the global competitiveness of the Saudi market.” He added:” the City comes with a long-term strategy plan adopted by our wise government to diversify the national economy and in enriching the non-petrol sector.”