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RAKISA discusses Hail Economic City investment opportunities with global giant General Electric

Saudi Arabia: Saturday, February 03 - 2007 @ 13:58

Eng. Abdullah Al-Rakhis the chairman of the board of RAKISA Holding the lead developer of Hail Economic City meet with Mr. Jeffrey R. Immelt, Chairman of the Board & Chief Executive Officer of “General Electric” and with Mr. Fahd Ibn Abdul Mohsen Al-Rasheed, Deputy Governor of Saudi Arabia General Investment Authority (SAGIA) for economic cities and the Economic Cities Council to discuss co-operation opportunities with “GE”. During the meeting, the attendees discussed SAGIA’s Economic Cities plans and roles in attracting foreign direct investments to the Kingdom of Saudi Arabia and in increasing the Kingdom’s international competitiveness.

Occupying a total land area of 156 million square meters in the northern Saudi city of Hail, the Hail Economic City is set to become a premier logistics hub that emphasizes a diversified Saudi economy in the logistics, mining, information technology, basic building materials, agricultural manufacturing, education and smart infrastructure sectors.

Eng. Abdullah Al-Rakhis, Chairman of RAKISA Holding Company the main developer of Hail Economic City, said, “We are looking to increase international awareness about the Hail Economic City’s potential. The City is gaining momentum as a pillar of logistical and industrial services, and will promote aggressive strides in industrialization and economic diversification. Our meeting today with Mr. Jeffrey Immelt, Chairman of the Board & Chief Executive Officer of “GE” reflects our efforts in attracting international investors to the Kingdom of Saudi Arabia”.

“Our top priority is to develop a smart infrastructure and advanced services that will support the different sectors contained in the city such as mining, agricultural manufacturing, basic building material in addition to housing and education facilities to offer a unique lifestyle for city tenants”. added Eng. Al Rakhis

The first phase presents a three-level plan, a total of SR 6.4 billion will be invested on infrastructure and SR 30 billion for business projects within seven years, generating more than 30,000 employment opportunities.

In the Hail Economic City’s second phase, SR 9.8 billion will be invested in infrastructure and SR 48 billion in the other sectors, generating 66,000 jobs. The third phase will witness a SR 13.7 billion infrastructure investment coupled with a SR 67 billion investment in other sectors, catalyzing an expected 119,000 new jobs.

Mr. Fahd Ibn Abdul Mohsen Al-Rasheed, Deputy Governor of Saudi Arabia General Investment Authority (SAGIA) for economic cities and the Economic Cities council presented the Saudi Government support to create the right environment that would support economic cities growth and attract local and foreign investments as well as improving the investment and regulatory environments for economic cities.

“GE” the global giant serves over 100 countries and employs more than 300,000 people worldwide. It offers products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials to international markets.

Hail Economic City’s strategic location will make it a hub for the distribution of goods and services. To support this agenda, an airport capable of handling 150,000 tons of goods annually, and dry port facilitating the transfer of 4 million tons of goods will be set up. In addition to the north-south railway under construction by the Public Investment Fund. Hail Economic City will also include investments over SR 10 billion for the construction of 30,000 residential units and a knowledge zone accommodating up to 40,000 students.

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Saturday, February 3- 2007 @ 13:58 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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