A government delegation headed by Singapore’s Minister of State for Trade and Industry Mr Lee Yi Shyan and Loh Wai Keong, Deputy Secretary (Trade), was on a two-day visit to the Kingdom of Saudi Arabia at the invitation of the Saudi Arabian General Investment Authority (SAGIA). The team comprised top government officials, accomplished entrepreneurs and representatives of high profile Singaporean business houses that are looking for investment opportunities in the Kingdom.
As the one-stop facilitator and gateway for all inward investments to the Kingdom, SAGIA highlighted the up-and-coming Economic City projects to the delegation at a presentation held on October 2, 2006. The investment options presented by projects such as King Abdullah Economic City, a 55 million sq m project developed by Emaar the Economic City (Emaar.E.C), were introduced to the guests.
“There has been tremendous interest from Singapore on investment opportunities in Saudi Arabia,” said Fahd A. Al-Rasheed, Deputy Governor for Special Economic Zone, SAGIA. “Through the visit of the delegation, we wanted to highlight our competitive strengths as the global capital of energy and a major hub between the East and West.”
The members visited King Abdullah Economic City site on October 3 to get an insight into the expanse of the project and evaluate the progress. “King Abdullah Economic City is a mixed-use development offering investment opportunities in sectors such as industries, hospitality, finance, education, healthcare and leisure,” said Mr Nidal Jamjoom, Chief Executive Officer, Emaar.E.C. “The project will offer Singaporean companies a diverse range of investment options that ensure attractive long-term prospects.”
The participating companies looked to share experiences and capabilities in fields such as engineering industries, oil trading and refining, water and wastewater treatment technologies, port and airport development, land transport infrastructure, financial services and education, among others.
The Ministry of Trade and Industry of Singapore and the Ministry of Commerce and Industry of the Kingdom of Saudi Arabia are signatories to a Memorandum of Trade Co-operation Programme to enhance bilateral trade relations by exchanging expertise, enhancing inter-trade, organizing international exhibitions and raising productivity of small and medium enterprises.
A path-breaking socio-economic initiative that has the potential to generate more than 500,000 jobs when completed, KAEC will feature a modern world-class seaport, industrial district, financial island, educational and healthcare zone, resorts and the residential area. The overall project will be completed in stages, with the first batch of commercial houses and residents expected to take possession in the last quarter of 2008.
