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| Investment appetite in the Kingdom’s Knowledge Economic City has increased |
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Posted on 25 Jan 2010 |
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Against the backdrop of unprecedented and coordinated policy measures across the globe to ensure that the world economy is again recovering from the worst economic downturn in the postwar era, an investment drive in Saudi Arabia has gained additional momentum.
In particular, investment appetite in the Knowledge Economic City (KEC), the third of four economic cities being developed in Saudi Arabia—has increased, as demonstrated by the tremendous outcome of the recent “Business Opportunities Forum” hosted by KEC on its project offerings. Tahir Bawazir, CEO of KEC, announced at the forum that contract agreements worth SR1.5 billion would be signed early this year on construction of infrastructure and related facilities for the first phase of the KEC project.
The contracts would cover hospitality industry, commercial/retail malls, business parks and educational facilities for information technology, health education, and management tourism courses, among others. KEC continuously receives a lot of pre-qualification bidders for a host of projects at stake, he added. At the moment, a lot of investment opportunities in KEC await potential investors, said Jones Lang LaSalle, which has been the real estate adviser to KEC for the past 3 years, in its presentation at the forum. Jones Lang LaSalle said investors could take advantage of KEC’s “attractive commercial terms” to enhance their expected returns. It noted that investors have the opportunity to acquire land for development in Phase 1 of KEC.
Arab News
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