KAEC attracting local, foreign investments

The King Abdullah Economic City (KAEC) in Rabigh is witnessing a surge in domestic and foreign investments for the construction of residential and industrial facilities.
“This comes on the heels of agreements signed by more than 50 local and international companies with KAEC,” said Mohammed Othman Mallawi, investor relations manager at the Red Sea Housing Services Company.
Red Sea Housing Services is set to begin the construction of a SR50 million labor complex, spread across a 150,000 sq.-meter area by the first quarter of 2014 to accommodate the work force involved in KAEC completion.
Mallawi said that some of these companies are in the process of setting up operations while others are already operational.
He added that the “huge interest from local and foreign investors has accelerated the pace of business at KAEC, which has subsequently boosted demand for labor camps.”
“ Red Sea Housing Services recently received approval from the Economic Cities Authority (ECA) to begin the construction of labor camps at KAEC,” Mallawi said.
The labor complex is projected to have a maximum capacity of 5,000 residents upon completion.
Mallawi said that to complete the project, the company will leverage its vast expertise in the construction of prefabricated houses for managers, employees, and workers, in addition to providing electricity, fresh water, catering services, waste water treatment, laundry service, recreation centers and gym.
The companies establishing their presence at the KAEC include US textile and packaging firm Greif, pharma giants Pfizer and Sanofi Aventis, lubricants firm Total, Saudi Smart Technology Hub, Nesma Holding Co. Ltd. and others.