JEDDAH, Saudi Arabia, January 29, 2008 - Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has appointed Cisco to undertake the design of the network infrastructure and connected city services of KAEC.
Mr. Fahd Al-Rasheed, chief executive officer, Emaar.E.C, and Mr. Wim Elfrink, executive vice president and chief globalisation officer, Cisco, confirmed the final agreement in the presence of His Excellency Amr Al-Dabbagh the governor of Saudi Arabian Investment Authority (SAGIA) and Mr. John Chambers, chairman and CEO of Cisco.
This appointment showcases KAEC's evolution as the world's first 'Smart City' and highlights Cisco's key role in working with Emaar.E.C to meet its objective. Cisco will offer consultancy and advisory services for KAEC and identify networking requirements for infrastructure-related services within the mega-project.
Mr. Fahd Al-Rasheed said: "A reliable networking provider that can meet the diverse needs across its various sectors is critical in the success of KAEC as a 'Smart City' development. As the world's first 'Smart City', KAEC's superior information and communications technology platform will give it a crucial competitive advantage and deliver modern lifestyles. The design of this network will complement our efforts to ensure next generation connectivity services throughout KAEC. Cisco's proven competence in networking makes it our partner of choice."
Mr. Elfrink added: "The sheer size and varied infrastructure needs of King Abdullah Economic City make networking a challenge as well as an opportunity to highlight Cisco's capabilities. Cisco, through years of experience and continuous research, today, has the unmatched ability to offer networking solutions for large-scale projects, cities and countries. Our solutions are well aligned with KAEC's projected vision of creating an Intelligent city."
The appointment of Cisco to design the information and communications technology infrastructure will form the platform for KAEC to deliver a modern lifestyle and enhance the productivity of the businesses within the 168 million sq m development.
KAEC is the single largest private sector development in the region and is located the Red Sea coast offering easy access to the two Holy Cities of Makkah and Madinah, and the commercial nerve-centre of Saudi Arabia, Jeddah. The Saudi Arabian General Investment Authority (SAGIA), the Kingdom's apex body for strengthening inward investments to the country, is the prime facilitator of KAEC. Several global businesses are expected to establish operations within KAEC, which aims to create jobs for one million people.
KAEC recently unveiled Bay La Sun Village, the first residential component of the project, to overwhelming investor response. Work is progressing on the first phase of the project including the Sea Port, Industrial Zone and Residential Communities.
About Emaar, The Economic City
Emaar, The Economic City (Emaar.E.C), established in September 2006, is a Saudi joint stock company managed by Emaar Properties PJSC, one of the world's largest property developers, and a number of high profile investors from Saudi Arabia. Emaar.E.C has a share capital of SR8.5 billion consisting of 850 million shares of nominal value SR10 each. Thirty per cent of the equity, worth SR2.55 billion, was offered for public subscription.
Emaar.E.C leads the master-planning and development of the 168 million sq m King Abdullah Economic City (KAEC), a project being built on a pristine location off the Red Sea in the north of Jeddah. SAGIA (Saudi Arabian General Investment Authority), the body responsible for inward investments into the Kingdom, is the prime facilitator for KAEC.
KAEC, a New Age City being built today for tomorrow's generation of Saudi citizens, has six components - sea port, industrial district, educational zone, central business district with commercial, mixed-use, retail outlets and financial island, resorts and residential area.
The mega-project works closely with the Kingdom's on-going drive to expand the economy, create employment opportunities for its youthful population and function as a catalyst to attract foreign investment, global trade, commerce and industry. Based on initial forecasts, the project and its several components will create up to one million employment opportunities in the various industries and service-oriented companies that will open in KAEC. It will also be home to 2 million residents.