The prestigious Massachusetts Institute of Technology (MIT) will lend its technological expertise for the development of King Abdullah Economic City (KAEC), which its promoters say will be the world’s first smart city.

Emaar the Economic City (Emaar.E.C), which is leading the master planning and development of KAEC, said it would receive a high-level delegation of renowned experts from MIT.
“The visiting delegation from Massachusetts Institute of Technology, one of the world’s foremost knowledge centres, will review various aspects of the project and suggest solutions that will create a tech-savvy environment here, ideal for industries and businesses to thrive,” said Mohamed Ali Alabbar, chairman, Emaar.E.C. “MIT is the leader in the research and design of IT-driven, technologically superior smart cities. Through our partnership, we can leverage their learning and create a most-modern environment for the benefit of the kingdom,” he added.
KAEC is the single largest private sector project in the region and will offer state-of-the-art infrastructure facilities at all its six components – the Port, Industrial District, Central Business District (including commercial, mixed-use, retail and Financial Island), Resort, Educational Zone and Residential (including a corniche and souks).  The total area of the city is 168 million sq m.
The visiting delegation will assess the economic potential of the seaport and the creation of transport and other infrastructure; analyse the demographic aspects of KAEC being home to two million residents and having one million employees; evaluate the educational requirements and the development of the Educational Zone; and help create a digital nervous system for KAEC.
“KAEC will offer world-class infrastructure to its clients, and the creation of a smart city with the support of MIT is one of our key growth strategies,” said Nidal Jamjoom, CEO, Emaar.E.C. “The project has already generated an encouraging response from international investors and creating a high-tech environment for them at KAEC will add value to their investment.”
Founded in 1865, MIT is a world-class educational institution that is independent, co-educational and privately endowed. Its five schools and one college encompass several academic departments, divisions and degree-granting programmes. It also has several interdisciplinary centres, laboratories and programmes. The organisation’s Mission Statement says it is committed to generating, disseminating, and preserving knowledge, and to working with others to bring this knowledge to bear on the world’s great challenges.
Recently, the governor of the Saudi Arabian General Investment Authority (Sagia), Amr Abdullah Al-Dabbagh, toured the project site and the newly constructed Presentation Centre, which is equipped with the latest technological innovations to give potential investors an in-depth view of the project. He met Emaar.E.C. board members to update them on the governmental initiatives that support Economic Cities in Saudi Arabia.
“The Saudi government has made tremendous progress in boosting the economy through encouraging investments in key growth areas that lead to job creation, enhancement of per capita income and thus, overall prosperity,” said Al Dabbagh. “Sagia is focused on strengthening economic city initiatives such as King Abdullah Economic City, which has the potential for multi-sectoral development,” he added.
The first phase of construction at KAEC will cover the seaport, the industrial zone, resort district and residential zone, all of which are key drivers in attracting investors to the city.
Covering 13.8 million sq metres, the seaport will be the largest in the region with a capacity of over 10 million teu containers per year. The Industrial District will spread over 63 million sq m. The 4,000 net hectares of land will be dedicated to industrial and light manufacturing facilities.
The Resort district will feature 3,000 resort-style hotel rooms in 12 four- and five-star hotels. There will be two signature 18-hole golf courses and a leisure complex. An ideal place to work and live, the KAEC’s Residential Zone will have 250,000 apartments and 25,000 villas. KAEC, located on a greenfield site on the Red Sea coast, is expected to usher in a new era of economic prosperity to the kingdom. It offers easy access to the two holy cities of Makkah and Madina and is also near to Jeddah.
Emaar.E.C is a Saudi joint stock company headed by real estate major Emaar Properties PJSC and a number of high-profile investors from Saudi Arabia. It has a share capital of SR8.5 billion consisting of 850 million shares of a nominal value SR10 each. Shares worth SR2.55 billion were offered for public subscription.
Sagia (Saudi Arabian General Investment Authority), the body responsible for inward investments into the kingdom, is the prime facilitator for KAEC.
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.
Work is on-schedule at KAEC. Residents are expected to take posession of the first batch of commercial houses in the last quarter of 2008.