King Abdullah Economic City progressed with the development and realization of projects,
infrastructure and international events in 2019, contributing to many of the social, cultural
and economic goals set out in Saudi Vision 2030.
These and other structural and strategic milestones contributed to notable progress in the stated goals of KAEC’s new 10-year plan, which are central to our evolution from a greenfield site into a modern and vibrant city of global significance.
In 2019 we engaged in highly productive talks with government bodies enabling KAEC to make significant progress in its commitment to renewables, signing a deal with the International Wind Power Company to build Saudi Arabia’s first commercial wind farm.
Dialogue with government also led to agreements with the Saudi Industrial Development Fund and the Saudi Export Development Authority. These strategically vinvest, work and live at King Abdullah Economic City.
This annual report also describes our progress in the provision of healthcare, education and housing for residents, which are fundamental deliverables in the city’s 10-year plan.
A new operator for the Family Medical Centre was appointed. Majestic Millennium will boost services, broaden the facility’s scope, and upgrade its physical infrastructure, in addition to delivering operational savings. Families will also benefit from the appointment of EduReach as the operator for King's College, in partnership with prestigious independent schools in the UK.
The provision of these important resources in healthcare and education were complemented by the launch of new residential complexes providing high-quality housing for residents across the income range. New projects include 372 contemporary villas at Waha Spring, 147 luxury villas at Al Murooj Golf Community, the Orchids Residential Community, and the new upscale villa complex, Azalea. Highly competitive home financing was secured for the purchase of these properties.
Major investments in sports and activities have made a tangible impact on the quality of life for residents. The first Saudi International Golf Tournament was held at KAEC’s Royal Greens Golf & Country Club, the first Red Sea International Sport Fishing Tournament was hosted at the Bay La Sun Marina, and the first kite-surfing festival took place at the newly-opened Yam Beach. These events were complemented by developing an entire annual program of family-focused activities for the summer and winter months.
KAEC’s business-critical infrastructure evolved during the year with investments in new business clusters and economic zones, including an Industrial Cluster,
and the strategically important Light Defense Sector in collaboration with the General Authority for Military Industries.
From a value perspective, KAEC has invested approximately SAR 18 billion in equity and funding since inception, delivering value in excess of 900 percent.
This value will be unlocked by additional investments
in strategic projects both by the Company and third party developers, which will create jobs and contribute to the city’s value chain.
I express my thanks to the Chairman and the Board of Directors for their invaluable support and guidance throughout the year. I also thank my colleagues and
talented team at KAEC for their hard work, which has been so fundamental to our progress.
Ahmed Linjawy
Chief Executive Officer
