King Abdullah Economic City sets up second home department
August 02, 2016 - Saudi Arabia
Saudi Arabia megacity, King Abdullah Economic City, has set up a new resale and rental property department to boost secondary sales.
The new Select Real Estate Services department specializes in providing resale and rental services for property and land already purchased by investors in King Abdullah Economic City (KAEC).
Fahd Al-Rasheed, Group Chief Executive Officer and Managing Director of KAEC, says, “The new department demonstrates that the city is pressing on towards achieving its strategic goals of diversifying its income by attracting national and international capital, and providing total housing solutions.
“This new department is part of our commitment to create an environment that stimulates development and investment by providing the best services for our clients.” [...]
With a total development area of 173 km² (66.8 sq mi), the city, which is expected to be compled by 2020, is located along the coast of the Red Sea, around 100 km north of Jeddah, the commercial hub of Saudi Arabia.
The total cost of KAEC is $86billion and the developer is Emaar, The Economic City (EEC). When completed, KAEC will be larger than Washington DC, in the United States.
The city, along with another five economic cities, is a part of the “10×10″ program aimed at placing Saudi Arabia among the world’s top 10 competitive investment destinations.
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