Emaar EC CEO says 110 companies invested in Industrial Valley

As many as 110 companies have invested in the Industrial Valley, said Cyril Piaia, CEO of Emaar The Economic City (Emaar EC).

In a statement to Argaam, on the sidelines of the Saudi Special Economic Zones Investment Forum, he indicated that there are discussions with many investors to invest in the economic zone, which is expected to positively impact the company’s financial performance.

This, however, will take time due to the stages that precede the establishment of factories, starting with signing with investors, followed by feasibility studies, etc.

He pointed out that the special economic zone in King Abdullah Economic City (KAEC) contributes SAR 43 billion to the gross domestic product and has generated more than 50,000 jobs.

KAEC economic zone is one of the largest economic zones worldwide, spanning about 60 square kilometers. The infrastructure, which is of international specifications, is ready to receive local and foreign investors.

The economic zone focuses on the automotive manufacturing sector and its associated industries, consumables sector, food, pharmaceutical industries, and logistics services sectors. It further aims to be a global hub for the electric vehicle industry in the future after the opening of the Lucid EV factory and CEER, the first Saudi EV brand.

He mentioned that the company signed agreements with the Egyptian Hema Automotive and SIAC Industrial Construction & Engineering Co., among others.

Piaia pointed out that the location of the economic zone in northern Jeddah is a key factor to attracting investments, because it is connected with King Abdullah Port and Haramain Train. It is also only 35 minutes away from King Abdulaziz Airport by train.

Moreover, the economic zone is equipped with entertainment facilities, hotels and housing options, the CEO noted.