KAEC and Nef Forge Partnership for Ambitious Projects in Saudi Arabia

King Abdullah Economic City (KAEC) has signed a memorandum of understanding with Nef, a global real estate developer, at Cityscape Global in Riyadh, Saudi Arabia. This collaboration will focus on developing new hotel, retail, and residential projects. KAEC, a PIF company, aims to align with Saudi Arabia's Vision 2030 by transforming into a prominent urban destination. The partnership was formalized by Abdulaziz Alnowaiser, CEO of KAEC, and Erden Timur, Chairman of Nef.

Alnowaiser highlighted that the agreement underscores KAEC's dedication to enhancing residential and lifestyle offerings. Timur expressed Nef's commitment to merging design innovation with Saudi Arabia's urban prospects. The venture is expected to boost employment, attract private investments, and support sustainable growth, thus reinforcing KAEC's position as a pivotal hub for innovation, tourism, and investment.