19th Jan 2008
Mr Lee Kuan Yew, Minister Mentor of the Republic leads high level delegation visit to King Abdullah Economic CityThe visit highlighted the strong bilateral trade relations between Saudi Arabia and Singapore, and the investment opportunities offered by KAEC for entrepreneurs from around the world.
Described as one of Asia's Heroes by Time magazine and regarded as the architect of modern Singapore, Mr Lee Kuan Yew appraised the progress of KAEC. Mr Zainul Abidin Rasheed, Senior Minister of State, Ministry of Foreign Affairs; Mr Yong Pung How, Member of Council of Presidential Advisors; Mr Zaqy Mohamad, Member of Parliament; Mr V P Hirubalan, Singapore's Ambassador to Saudi Arabia; Mr Philip Yeo, Special Advisor for Economic Development; and other government officials and Singaporean media representatives were part of the delegation.
The delegation was welcomed by His Excellency Mr Amr Bin Abdullah Al-Dabbagh, Governor, Saudi Arabian General Investment Authority (SAGIA); and Eng. Nidal Jamjoom, Executive Director - Commercial; Dr Hosam Joma, Executive Director - Projects; and Mr Ahmed Linjawy, Executive Director for City Management and External Relations, representing Emaar.E.C.
Mr Al-Dabbagh said:
'Saudi Arabia is the largest trading partner of Singapore in the Middle East, and over the years, the two countries have formed strong partnerships to boost bilateral trade and investments. Apart from opening a representative office of SAGIA in Singapore, the two countries have signed a General Agreement on Co-operation and recently formed the Saudi-Singapore Business Forum. The visit of Mr Lee Kuan Yew, an illustrious and visionary leader whose policies have shaped the dynamic of modern-day Singapore, further highlights the significance of Saudi Arabia and KAEC as an investment hotbed for Singaporean and other global investors.'
Mr Ahmed Linjawy said: 'Singaporean companies already play a commendable role in the development of KAEC with Singapore-firm RSP Architects being the master-planner of KAEC. The visit of the high-level delegation led by Mr Lee Kuan Yew served as another opportunity to reiterate the significant investment options in several high-growth sectors within KAEC.'
Mr Al-Dabbagh presented an overview of the vision and growth strategy of Economic Cities in Saudi Arabia and SAGIA's role as prime facilitator of KAEC. He explained the investment options available in port and infrastructure development, research & development and the petrochemicals sector. Dr Hosam Joma presented the master plan and development update; and Eng. Jamjoom gave an overview of the city development program and the progress made in the port and utilities development. The delegation evaluated the KAEC model and they were brief on the six components of the project - the Sea Port, Industrial Zone, Central Business District, Educational Zone, Resort Zone and Residential Communities.
KAEC, last year, hosted a delegation of Singaporean entrepreneurs led by Mr Lee Yi Shyan, the Minister of State, Ministry of Trade & Industry, and there has been a strong investor response from Singapore to the Industrial Zone that was unveiled recently. Several blue-chip Singaporean companies have also shown interest in the Sea Port development.
The 168 million sq m KAEC is the single largest private sector development in the region and is located the Red Sea coast offering easy access to the two Holy Cities of Makkah and Madinah, and the commercial nerve-centre of Saudi Arabia, Jeddah.
KAEC recently unveiled Bay La Sun Village, the first residential component of the project, to overwhelming investor response. Work is progressing on the first phase of the project including the Sea Port, Industrial Zone and Residential Communities.
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