RAKISA Holding, the lead developer of the newly launched Prince AbdulAziz bin Mousaed Economic City (PABMEC) in Saudi Arabia and the Saudi Arabia General Investment Authority (SAGIA) the sponsor of this city, highlighted the attractive investment opportunities at PABMEC to European investors attending “Invest: Saudi Arabia”, a two-day conference that focused on the investment prospects in the Kingdom, held in London from June 19th -20th, 2006. RAKISA Holding is one of the key sponsors of the conference.
“Invest: Saudi Arabia” was designed as a forum to attract investors, contractors, financiers and suppliers interested in the fast expanding investment opportunities in the Kingdom. Organized by MEED Conferences, “Invest: Saudi Arabia” featured several key representatives from prominent Saudi entities, including the Saudi Ministry of Industry and Commerce, the Saudi Arabian General Investment Authority (SAGIA), Ma’aden and BMG Financial Advisors.
PABMEC is a USD 8 billion project occupying a total land area of 156 million square meters, and is located in the northern Saudi city of Hail. The project is set to be a premier commerce and industry hub promoting a diversified economy in the Kingdom of Saudi Arabia, and is expected to benefit various sectors of the economy and boost logistics and transport, agriculture, mining and processing, education and residential developments. PABMEC will be developed by an investment consortium supervised by the Saudi Arabian General Investment Authority (SAGIA) and headed by RAKISA Holding Company.
Eng. Abdullah Ibrahim Al-Rakhis, chairman of the board of directors of RAKISA Holding Company, said, “We realized that several European investors are keen to invest in Saudi Arabia, and hence felt it imperative to provide them a platform that would allow them to more closely understand the investment possibilities in the Kingdom. Invest: Saudi Arabia” presented the ideal forum to promote PABMEC among European investors, and we are confident that our presence at the event will initiate a steady flow of European investment into PABMEC, which is set to redefine the economic landscape of the Kingdom.”
“Being the largest and most lucrative market in the Arabian Gulf, Saudi Arabia offers profitable investment possibilities across industrial sectors. The Kingdom today is on the threshold of a new phase of growth that will be driven by renewed activity in the business, financial and industrial sectors, and PABMEC, as a fully integrated economic city, will be at the center of this growth. PABMEC epitomizes the opportunities offered by the Saudi market and the potential it holds, and will serve as the logistics and supply chain hub of the Middle East,” he added.
Through its dry port, logistics and transportation centers, PABMEC will effectively serve as the Kingdom’s gateway to other countries in the region and beyond. PABMEC will generate 30,000 new employment opportunities, which gives a measure of the sheer scale of the project.