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FINANCIAL NEWS
Saudi KAEC plans to create 12,000 jobs by 2015
29 May 2012
(MENAFN) Saudi Arabia’s King Abdullah Economic City (KAEC) plans to create 12,000 jobs by 2015, with 10,000 already in place, Arabian Business reported.
KAEC’s CEO, Fahd Al Rasheed, stated that KAEC, which is a USD100 billion project being built by Dubai’s Emaar Properties, will be home to two million residents when finished in 2025.
KAEC, which will be the size of Washington DC when finished, seeks to attract western companies to invest cash in the Kingdom, Al Rasheed said.
The project’s key sectors will be tourism, logistics, energy, transportation and manufacturing, he added.
Al Rasheed expected KAEC’s port to start operations next year, and the first school to open in September, adding that a metro rail could be needed in the future.
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