Riyadh – Mubasher: The Saudi state-owned King Abdullah Economic City (KAEC) is expected to witness positive economic performance in 2019, amid a rise in demand for residential units in the area, KAEC Group CEO Ahmed Linjawi stated.
The growth in demand for residential units at KAEC is driven by the city’s increasing investments, Linjawi added in an interview with Arabian Business on the sidelines of the Saudi International Golf Tournament, noting that city was “very optimistic” about 2019.
There are major international and regional firms investing KAEC, including the kingdom’s Almarai, UAE-based Aramex, French oil firm Total, Pfizer, and Swedish furniture retailer IKEA, he added.
Linjawi explained that companies currently operating in KAEC have bolstered demand as many of their employees are now required to live in the city.
“We contribute a lot to driving our own demand,” KAEC’s CEO said. “People are moving here because there are new jobs for them to work in.”
He further added that many Saudi were also considering owning second homes in KAEC, which has boosted demand.
“At the moment … [about] 40% of the projects, including residential, industrial, and port facilities have been developed, with a total population of 10,000 fulltime residents,” the CEO concluded.
