Company Insights King Abdullah Economic City Finance King Abdullah Economic City Overview King Abdullah Economic City was announced as a mega-project by King Abdullah bin Abdulaziz in 2005. It has been built at a cost of SR207 billion ($55 billion) on the Red Sea coast 100km north of Jeddah by the Dubai property company Emaar Properties through its Emaar The Economic City (EEC) subsidiary that is is 25 percent owned by Saudi Arabia’s Public Investment Fund. Its ultimate intended population is two million and the total development area is 185 sq km. The city is served by King Abdullah Port, opened in 2019 and named by the World Bank as the most efficient port in the world. It is also home to KAEC Industrial Valley, which is focused on logistics and light manufacturing companies and home to more than 100 multinational and Saudi companies. King Abdullah Economic City News Markets Emaar EC’s new strategy to steer financial recovery Emaar the Economic City (Emaar EC), the master developer of King Abdullah Economic City (KAEC) in Saudi Arabia, has initiated a SAR8.7 billion ($2.3 billion) turnaround plan a month after its first-half 2024 losses showed an almost five-fold increase from 2023. A capital optimisation plan will allow the Saudi-listed company to restructure its SAR3.8 billion in bank facilities. […] September 9, 2024 Renewable Energy PIF-backed Eviq plans to deploy 5,000 EV chargers Saudi Arabia has opened its first research and development facility to establish the country’s electric vehicle (EV) fast-charging infrastructure. Electric Vehicle Infrastructure Company (Eviq) – the newly launched joint venture between the Public Investment Fund (PIF) and Saudi Electricity Company – opened the facility in Riyadh. The company is on track to deploy 5,000 chargers […] December 18, 2023 Video length: 04:10 Finance King Abdullah Financial District helps grow FDI Global consultancy business JLL recently announced the establishment of its regional headquarters in King Abdullah Financial District, joining other multinationals such as Pfizer, Bupa and Arthur D Little that are already set up there. Launched in 2006 and located in northern Riyadh, KAFD plays an important role in Saudi’s push towards attracting foreign investments and […] November 3, 2023 Manufacturing PIF sets up unit to localise Saudi automotive sector Saudi Arabia’s Public Investment Fund (PIF) has launched the National Automotive and Mobility Investment Company (Tasaru Mobility Investments) to build local manufacturing and supply chain capabilities for the automotive and mobility industry in the kingdom. The new company will be responsible for strategic investments and partnerships with both local and global private sector companies. The […] October 11, 2023 Infrastructure PIF launches company to drive Saudi EV charging The Public Investment Fund (PIF) and Saudi Electricity Company (SEC) have launched a new company to deliver electric vehicle (EV) fast-charging infrastructure in Saudi Arabia. The Saudi sovereign fund will own 75 percent of the Electric Vehicle Infrastructure Company, while the kingdom’s utility provider will hold the remaining 25 percent stake. The new company plans to establish […] October 9, 2023 Industry Lucid opens first global EV factory in Saudi Arabia Californian electric vehicle (EV) maker Lucid Group has opened its first international manufacturing plant in the newly-launched King Abdullah Economic City (KAEC) special economic zone. The Economic Cities and Special Zones Authority last week issued Lucid a permit to operate a manufacturing unit at KAEC in Jeddah. The US-based EV maker, which is backed by […] September 28, 2023 Manufacturing Lucid gets permit to operate in new Saudi economic zone Saudi Arabia’s Economic Cities and Special Zones Authority has issued US electric vehicle maker Lucid Group a permit to operate a manufacturing unit at the newly-launched King Abdullah Economic City (KAEC) special economic zone. “This marks a successful kickoff for the new SEZs launched earlier this year, showcasing a promising avenue for innovation and growth,” […] September 22, 2023 Development Saudi special economic zone plot sold for $98m The master developer of King Abdullah Economic City has announced a land sale worth SAR367 million ($98 million) as Saudi Arabia presses on with plans to create further economic zones in the kingdom. Emaar The Economic City, which is listed on Tadawul, said in a filing to the Saudi stock exchange that it has sold […] July 3, 2023 Banking & Finance Jeddah economic city developer secures $270m loan from PIF Saudi-listed Emaar The Economic City has signed a term loan agreement of up to SAR1 billion ($270 million) with the Public Investment Fund, the kingdom’s sovereign wealth fund. The financing period for the loan is 18 months from the date of the agreement, the company said in a statement to The Saudi Exchange (Tadawul). The […] February 21, 2023 Manufacturing Daimler and DHL launch truck parts centre in Dubai Commercial vehicles company Daimler and logistics provider DHL are to launch a Daimler truck parts facility in Dubai in December. The new parts centre will open in Dubai World Central, the economic zone supporting logistics and businesses around Al Maktoum International Airport. Daimler Commercial Vehicles Mena (DCV Mena) and DHL Global Forwarding have forged a […] November 28, 2022 Posts navigation 1 2 Next
Markets Emaar EC’s new strategy to steer financial recovery Emaar the Economic City (Emaar EC), the master developer of King Abdullah Economic City (KAEC) in Saudi Arabia, has initiated a SAR8.7 billion ($2.3 billion) turnaround plan a month after its first-half 2024 losses showed an almost five-fold increase from 2023. A capital optimisation plan will allow the Saudi-listed company to restructure its SAR3.8 billion in bank facilities. […] September 9, 2024
Renewable Energy PIF-backed Eviq plans to deploy 5,000 EV chargers Saudi Arabia has opened its first research and development facility to establish the country’s electric vehicle (EV) fast-charging infrastructure. Electric Vehicle Infrastructure Company (Eviq) – the newly launched joint venture between the Public Investment Fund (PIF) and Saudi Electricity Company – opened the facility in Riyadh. The company is on track to deploy 5,000 chargers […] December 18, 2023
Video length: 04:10 Finance King Abdullah Financial District helps grow FDI Global consultancy business JLL recently announced the establishment of its regional headquarters in King Abdullah Financial District, joining other multinationals such as Pfizer, Bupa and Arthur D Little that are already set up there. Launched in 2006 and located in northern Riyadh, KAFD plays an important role in Saudi’s push towards attracting foreign investments and […] November 3, 2023
Manufacturing PIF sets up unit to localise Saudi automotive sector Saudi Arabia’s Public Investment Fund (PIF) has launched the National Automotive and Mobility Investment Company (Tasaru Mobility Investments) to build local manufacturing and supply chain capabilities for the automotive and mobility industry in the kingdom. The new company will be responsible for strategic investments and partnerships with both local and global private sector companies. The […] October 11, 2023
Infrastructure PIF launches company to drive Saudi EV charging The Public Investment Fund (PIF) and Saudi Electricity Company (SEC) have launched a new company to deliver electric vehicle (EV) fast-charging infrastructure in Saudi Arabia. The Saudi sovereign fund will own 75 percent of the Electric Vehicle Infrastructure Company, while the kingdom’s utility provider will hold the remaining 25 percent stake. The new company plans to establish […] October 9, 2023
Industry Lucid opens first global EV factory in Saudi Arabia Californian electric vehicle (EV) maker Lucid Group has opened its first international manufacturing plant in the newly-launched King Abdullah Economic City (KAEC) special economic zone. The Economic Cities and Special Zones Authority last week issued Lucid a permit to operate a manufacturing unit at KAEC in Jeddah. The US-based EV maker, which is backed by […] September 28, 2023
Manufacturing Lucid gets permit to operate in new Saudi economic zone Saudi Arabia’s Economic Cities and Special Zones Authority has issued US electric vehicle maker Lucid Group a permit to operate a manufacturing unit at the newly-launched King Abdullah Economic City (KAEC) special economic zone. “This marks a successful kickoff for the new SEZs launched earlier this year, showcasing a promising avenue for innovation and growth,” […] September 22, 2023
Development Saudi special economic zone plot sold for $98m The master developer of King Abdullah Economic City has announced a land sale worth SAR367 million ($98 million) as Saudi Arabia presses on with plans to create further economic zones in the kingdom. Emaar The Economic City, which is listed on Tadawul, said in a filing to the Saudi stock exchange that it has sold […] July 3, 2023
Banking & Finance Jeddah economic city developer secures $270m loan from PIF Saudi-listed Emaar The Economic City has signed a term loan agreement of up to SAR1 billion ($270 million) with the Public Investment Fund, the kingdom’s sovereign wealth fund. The financing period for the loan is 18 months from the date of the agreement, the company said in a statement to The Saudi Exchange (Tadawul). The […] February 21, 2023
Manufacturing Daimler and DHL launch truck parts centre in Dubai Commercial vehicles company Daimler and logistics provider DHL are to launch a Daimler truck parts facility in Dubai in December. The new parts centre will open in Dubai World Central, the economic zone supporting logistics and businesses around Al Maktoum International Airport. Daimler Commercial Vehicles Mena (DCV Mena) and DHL Global Forwarding have forged a […] November 28, 2022
