Sanofi-aventis to establish entity in King Abdullah Economic City

21-Apr-2009

King Abdullah Economic City and its several components will create up to 1 million employment opportunities and will be home to 2 million residents

Saudi Arabian General Investment Authority (SAGIA) and Emaar, The Economic City (Emaar.E.C) have signed a Memorandum of Understanding (MoU) with Sanofi-aventis to establish an entity of the leading global pharmaceutical company in King Abdullah Economic City (KAEC), the single largest private sector real estate development in the region. Developed by Emaar.E.C, with SAGIA as the prime facilitator, KAEC has emerged as one of the global hotspot investment destinations in a range of industries. Sanofi-aventis is one of the first pharmaceutical majors to establish a significant presence in KAEC, which will also have a full-fledged Healthcare City to drive the medical needs of its residents.

HE Amr Al Dabbagh, Governor, SAGIA, said, "Saudi Arabian General Investment Authority is committed to achieving its Vision 10x10 of making the Kingdom one of the world's top 10 investment destinations. As a pioneering Economic City, KAEC is strengthening Saudi Arabia's standing as a globally preferred destination for investors. The MoU with Sanofi-aventis is a reiteration of the multi-pronged investment options offered by KAEC."

Located by the Red Sea Coast on 168 million sq m of land, KAEC real estate development has 6 key components - The Sea Port, Industrial Zone, Central Business District, Educational Zone, Resort District and Residential Communities. Emaar.E.C has launched the first phase of the project to overwhelming investor response.