Saudi Arabia: King Abdullah Eco. City.. Important global trade route project
Jeddah: Situated on the Red Sea near Jeddah International Center, the King Abdullah Economic City (KAEC) is an important project aimed at boosting global trade and diversify the Kingdom non-oil income.
The KAEC strategic location made it a unique due to the fact that around 13 percent of global trade would go through it, making one of the main gates linking markets in China through the Belt and Road initiative to developing markets in the African continent.
The KAEC's initial seed was planted in 2006 by late King Abdullah bin Abdulaziz Al-Saud as part of the 2023 economic cities initiative and itآ's constructed on an area of around 60 square kilometers.
The KAEC consists of an economic city, special economic zone, as well as the King Abdullah port.
The KAEC attracts major world companies of added investment value due to its strategic location, world-class infrastructure, and business incentives.
The special economic zone, for instance, provides tax exemptions and full foreign ownership with competitive prices for services, which allows companies in the region to increase operation capacity and focus on growth and creativity.
As for the port, it is the second largest one on the Red Sea and was ranked by the World Bank in 2022 as the biggest container capacity port in the world.
The city is aiming to become a leading investment hub in the Saudi kingdom via its offering unique investment opportunities and business in line with Saudi Vision 2030.
Along with its business and investment atmosphere, the KAEC has housing projects, excellent hotels, entertainment facilities.
The city's industrial valley hosts over 100 companies from across the globe, solidifying its status as a focal point for economy, investments, and major industries.
Within the Saudi file to host the 2034 FIFA World, the KAEC would be home for a grand football stadium, which could hold 45,000 spectators, providing a unique experience.
The KAEC is linked to the Haramain High Speed Railway, taking passengers to Holy Sites in Makkah and Madina in addition to Jeddah and King Abdulaziz International Airport.
The King Abdullah Economic City aims to become a smart city via its advance infrastructure using fiber optics and advance telecommunication in addition to other technological advancements.
On the industrial level, the KAEC established the very first full assembly for automotive parts in the Kingdom, attracting global vehicle companies.
The Saudi leadership recently announced the KAEC's King Salman Automotive Cluster, which is deemed as an important component for diversifying the Kingdom's non-oil income.
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