JEDDAH, Saudi Arabia, March 20, 2014 /PRNewswire/ -- Today, King Abdullah Economic City (KAEC) announced the formation of the Red Sea Forum, an economic initiative that will bring together American Midcap companies and KAEC to spur economic development opportunities in the Middle East. The forum will be held in New York City this October, 2014.
The announcement comes as United States Secretary of Commerce Penny Pritzker visits the Kingdom to strengthen economic ties between the United States and Saudi Arabia. Secretary Pritzker's call to boost U.S.-Saudi economic relations is a vital stepping stone to expanding investment partnerships in the Middle East.
"U.S. companies recognize there are tremendous opportunities in the Gulf, which is why I am currently leading a delegation of 21 American firms on a trade mission to the region," said U.S. Secretary of Commerce Penny Pritzker. "When American firms enter new markets and sell their goods and services globally, it is truly a win-win. U.S. companies have the technology, products and expertise to drive development around the world, and additional U.S. exports lead to economic growth and job creation in America. At the Department of Commerce, one of our core priorities is to support American businesses so they can expand and hire at home and abroad."
KAEC's commitment to pro-business policies is a logical next step following Secretary Pritzker's call for economic partnership. The competitive cost of land, competitive energy costs, low-tax base and strategic geographic position make KAEC an ideal location for expansion. KAEC is a valuable new partner and asset for those companies who have saturated their investment both domestically and in BRIC markets.
"We thank Secretary Pritzker for her commitment to fostering economic growth, and we look forward to a successful Forum and introducing opportunities to drive investment in the region," said Mr. Fahd Al-Rasheed, Managing Director and CEO of KAEC. "With state-of-the-art ports, world-class developments, and business-oriented regulations, KAEC is primed to help mid-size American companies successfully enter the emerging Middle Eastern market."
About the King's City
Over the last 3 years, Fortune 500 companies including Mars, Pfizer, and Danone have recognized the benefits of investing in KAEC and leveraging access to the region from its largest market - Saudi Arabia. Now KAEC is looking for Midcap companies with great technologies and products to lead the way in the next round of economic expansion. The Red Sea Forum will welcome these companies and exhibit the benefits of Saudi Arabia's market.
"We have already seen the power of KAEC to help large American businesses succeed in the Middle East," said Mr. Al-Rasheed. "The next step is to expand this model to accommodate Midcap companies and share the accessible opportunities for growth that KAEC offers."
Founded by King Abdullah in 2006 and ideally located between the East and the West on the Red Sea, KAEC is a city designed for business. The city's Business Environment, infrastructure and regulations are specifically tailored to accommodate the needs of an emerging market, and to promote faster, smoother, and sustainable business.
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SOURCE King Abdullah Economic City