There s a $95B city in Saudi Arabia that has seen its population grow by 70% in one year
KAEC and Fahd Al-Rasheed, the Group CEO and Managing Director of King Abdullah Economic City (KAEC) spoke to Business Insider in Davos for the World Economic Forum meeting. (McKinsey/YouTube)
The boss of a $95 billion city being built in Saudi Arabia says that it has attracted more white-collar workers, companies and increased its population by 70 percent over the last year.
Fahd Al-Rasheed, CEO of the King Abdullah Economic City (KAEC) said in an interview with Business Insider that while there were challenges over 2016 in the building sector, it had attracted more companies to expand their businesses there as well visitors too.
Population growth is increasing as more companies open in the city and as the city’s reputation as a tourism and entertainment center grows, Al-Rasheed told BI.
We welcomed more than 160,000 visitors to the city in 2016, attracted by the many events and festivals that are hosted by or held in KAEC. That visitor traffic is a key element in attracting people to live and invest in KAEC and we saw the population increase by almost 70 percent in 2016 to exceed 7,000 people. We are a Saudi city and the majority of our population growth is from the domestic market, though we remain a very multi-cultural community.
Our plan for 2017 is to double the number of people visiting the city. This, along with an expected improvement in investor sentiment toward real estate, will drive continued population this year.
The KAEC was initially announced by King Abdullah bin Abdulaziz Al Saud in 2005. 上海千花网交友 The project is not expected to be completed until 2035. Plans call for the city to eventually have 2 million residents across 70 square miles — the equivalent of Washington, D.C. So at the moment, while it KAEC is growing, the population is still small, relative to its overall capacity.
But Al-Rasheed said that after some initial teething problems, the city is growing rapidly and os expected t上海夜网论坛 o host dozens of the world s largest companies, including the au上海龙凤论坛sh1f tomaker Volvo, and the pharmaceuticals firms Pfizer and Sanofi.
The city is continuing to grow and is attracting a strong mix of local, regional and international business. We increased the number of tenants in our Industrial Valley by 26 percent in 2016 to more than 120 companies establishing operations in the city. The number of facilities either operational or under construction has increased by 23 percent and the number of companies that are now engaged in commercial operations has doubled since the beginning of 2016, he said.
In addition, we have started to attract more white-collar businesses to the city by offering a new corporate incentive package and we are focusing a lot of attention in 2017 on providing support and facilities for SMEs and entrepreneurial companies. And our growing reputation as a leading leisure destination in the Kingdom is attracting interest f[……]Learn More