KEC to generate 20,000 jobs

July 2008:

MADINAH: The Madinah Knowledge Economic City (KEC) will generate 20,000 jobs, according to a statement issued by the KEC.

The KEC, sprawling over an area of 4.8 million square meters, will also open up residences for 150,000 people and accommodation for 30,000 visitors, the statement added.

The Saudi Arabian General Investment Authority (SAGIA) has liaised with a consortium of Saudi corporations to form an investment vehicle for the development of the project.

The Savola Group leads the consortium in which Taiba for Real Estate Investment and Development, the Project Management and Development Co., and the International Al-Rubaia Real Estate Co., are members, Saudi Press Agency reported yesterday. KEC has signed several memoranda of understanding with various leading international knowledge-based companies. They have joined hands with Oracle to develop a software to be applied at the city, Intel for information technology, TCI specialized international firm for economic development, Malaysia's Multimedia Deve-lopment Corporation and Multimedia University for multimedia development.

The other international companies with which KEC has signed MOUs include Siraj Capital, Mackenzie Group, IBI Group of Toronto and Malaysia's MSC Technology Center.

KEC has also signed an agreement with Cisco for strategic partnership to provide access to leading edge networking technologies. The agreement with CompTIA will ensure the city has plethora of knowledge workers with internationally recognized IT qualifications. The city will also have a special academic zone with advanced institutes for technology, management, medical sciences and bioinformatics center, research and development centers and a technology park.

The KEC will also establish an alternative central business district for Madinah with better facilities and infrastructure that is easily accessible to Madinah residents and visitors.

The commercial center with 1,200 shops and souqs would be built on the model of old Madinah markets.

The medical sciences center would serve the local people with advanced medical facilities with the help of medical transcription and telemedicine. The city will also have an interactive theme park called "The Land of Biography" which will take visitors to the history of Prophet Muhammad (peace be upon him) and other prophets before him besides showcasing various phases of the Muslim civilization, the statement said. KEC is located some five kilometers from the Prophet’s Mosque and seven kilometers from Madinah Airport.