Cyril Piaia, CEO of Emaar The Economic City
Emaar The Economic City (Emaar EC) is changing its strategy to focus on industry, logistics services and tourism, CEO Cyril Piaia, told Argaam on the sidelines of the Future Investment Initiative (FII) Conference.
The company aims to attract third-party developers and investors to the economic city, which started with signing an agreement with Lucid Motors to build its factory in King Abdullah Economic City (KAEC).
There is a plan to present KAEC as one of the most important industrial cities in the Kingdom and region, Piaia said, adding that the firm and is working to lure other vehicle manufactures, as the number of companies reached about 120 operating in various sectors such as car manufacturing, pharmaceuticals, consumer goods and logistics services.
The National Industrial Strategy is not only important for KAEC but also for the Kingdom, the CEO said.
The company considers itself a ready-made empowerment platform, Piaia said, noting that the result of launching the strategy will be doubly reflected in the city.
"We will benefit greatly from the new strategy and look forward to working with the government to put it in the right place," he said.
Emaar EC is holding discussions with some investors, the CEO said, but did not unveil their names. "There is a growing interest in KAEC, as it has huge real estate assets. The city is witnessing growth, and we are linked to the goals of Vision 2030."
KAEC has a competitive advantage, thanks to its infrastructure that facilitates the ease of arrival and direct operation of projects for investors, Piaia concluded.
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