JEDDAH, 11 June 2008 — Custodian of the Two Holy Mosques King Abdullah will lay the foundation stone today for a number of educational, IT, electricity, real estate and infrastructure projects worth SR130 billion ($34.6 billion) at King Abdullah Economic City (KAEC) in Rabigh.

In a statement on the occasion, Amr Al-Dabbagh, governor of the Saudi Arabian General Investment Authority (SAGIA), commended King Abdullah’s efforts to improve the Kingdom’s investment climate. “The king’s visit to the economic city is a big boost to the private sector,” he added.

Spread over 168 million square meters, the KAEC has six key components: Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities. UAE real estate giant Emaar is developing the city.

“During his inspection tour of the city on Wednesday, King Abdullah will launch a number of important projects including the port, the main communication network and a company for financing electricity, water and sewage projects,” Al-Dabbagh said.

King Abdullah will also open a number of strategic projects being carried out by international companies in the Industrial Zone, including knowledge industries, a smart city, a health care city and a technological center of King Abdulaziz City for Science and Technology.

Other projects to be launched at KAEC today are: international hotels, a manpower-training city and an environment protection center, a biological complex and a number of knowledge-based industries.

“King Abdullah has instructed that all projects to be implemented in the city should not have any negative effect on environment,” Al-Dabbagh said.