In a concerted effort to promote sustainable development in the region, King Abdullah Economic City (KAEC) in Saudi Arabia has entered into an agreement with Sky Tower Investments Co. The objective of this collaboration is to construct a zero-carbon industrial park within the city.
This partnership is driven by the shared goal of harnessing the expertise and resources of both entities to advance sustainability within the Kingdom, aligning closely with Saudi Arabia’s green initiatives. As stated in a press release, this strategic alliance is expected to attract a multitude of investments and open up opportunities within KAEC.
KAEC’s allure to major corporations is rooted in its strategic location, advanced infrastructure, and excellent connectivity via highways and railways. This move positions KAEC as a global gateway along the Red Sea corridor on the Kingdom’s western coast.
The planned zero-carbon industrial park is envisioned to encompass a spectrum of advanced high-tech sectors, including carbon, hydrogen, silicon materials, and clean energy technologies such as solar and wind energy innovations.
In June, KAEC signed an agreement with Vivienda, a Saudi hospitality brand under Forus Real Estate Investment and Development Co., to develop a luxurious resort featuring a blend of a 60-key boutique hotel, 20 luxury villas, and 24 serviced apartments on a 29,000-square-meter plot. This project is situated along the Red Sea coastline within KAEC, in line with the city’s expansion of its hospitality services, attracting diverse business activities as it evolves into a prominent manufacturing and logistics hub in the Kingdom.
KAEC, home to more than 100 multinational and Saudi companies, is being developed by Emaar, The Economic City, the master planning entity. Emaar is publicly listed on Tadawul, with a 25 percent ownership stake held by the Public Investment Fund.
To support the goals of Saudi Arabia’s Vision 2030 and the growth of tourism in the country, KAEC has initiated numerous projects to draw more visitors to its shores, including the Rixos Emerald Shores project, which also enjoys support from the Tourism Development Fund.
Located a short distance north of Jeddah, KAEC spans 185 square kilometers and features King Abdullah Port and KAEC Industrial Valley, with a focus on developing the Kingdom’s logistics and light manufacturing capacities.
Image Credit: BBC
