King Abdullah Economic City Co. (KAEC) on Wednesday signed an agreement with the Saudi Arabian General Investment Authority (SAGIA) to market the city’s real estate assets, projects and investment opportunities, the company said in a bourse statement.
Under the agreement, the authority will assist in the preparation of studies, developing investment opportunities and promoting them to foreign investors inside and outside the Kingdom to participate in these projects through various investment options including selling, renting or partnerships.
This process will be in accordance with the requirements of the foreign investment system and its executive regulations as well as the ownership system of non-Saudis, the statement added.
The agreement was signed with SAGIA as a public body whose primary purpose is to prepare studies on investment opportunities in the Kingdom and promote it with the available capabilities, systems and relations with foreign investors inside and outside the Kingdom as well as its facilities for investment and marketing and facilitate its procedures within its objectives and endeavors to support the Kingdom's plans to diversify sources of income.
The agreement will have no direct financial impact at the mean time and no related parties are involved in the agreement, the company also said.
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