KAEC handed out SAR 1.6 bln worth of contracts in 2016, says CEO

03/02/2017 Argaam

King Abdullah Economic City (KAEC) handed out construction and development contracts worth more than SAR 1.6 billion last year, the state-owned Saudi Press Agency (SPA) reported on Thursday, citing chief executive Fahd Al Rasheed.

 

About 30 percent of the new awards are allocated for KAEC’s industrial valley development to fulfill growing demand for industrial land plots by local and foreign investors. Meanwhile, the other 40 percent are aimed at the development of tourist and residential areas.

 

The new awards excluded contracts of King Abdullah Port as well as commercial and industrial investors in the city.

 

KAEC is being developed by Tadawul-listed Emaar The Economic City.

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