Emaar EC signs MoU to develop Saudi's KAEC Plastics Valley

JEDDAH — Emaar, the Economic City, has signed an agreement with StrateSphere Enterprises LLC (StrateSphere) in collaboration with PolymerOhio, Inc and the Saudi Arabian General Investment Authority (SAGIA) to develop KAEC Plastics Valley.

By A Staff Reporter

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Published: Thu 31 Jul 2008, 12:50 AM

Last updated: Sun 5 Apr 2015, 1:00 PM

According to a Press statement, Emaar EC, the Tadawul-listed company developing King Abdullah Economic City (KAEC), signed an Memorandum of Understanding (MoU) under which StrateSphere and PolymerOhio along with Emaar EC and SAGIA will pursue the development of KAEC Plastics Valley.

The goal is to position KAEC Plastics Valley as a global centre of excellence in the plastics sector, like Ohio, the statement said.

The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz unveiled the KAEC Plastics Valley, a key component of the Industrial Zone, during his recent tour of the mega-project.

Fahd Al Rasheed, Board Member and Chief Executive Officer, Emaar EC, and Tariq Farwana, Managing Director of StrateSphere Enterprises, a private corporate group with a particular business focus on Industries, signed the agreement in Jeddah, in the presence of Sami Al Halabi, Acting Executive Director — Commercial, Emaar EC; and other Emaar EC officials.

The details of the current collaboration with StrateSphere and PolymerOhio will be announced during the Global Competitiveness Forum to be held in Riyadh in January 2009. In the meantime, Emaar EC will undertake strategic planning to identify the various features of the KAEC Plastics Valley.

Al Rasheed said: "The twinning memorandum of understanding will ensure that the knowledge base of Ohio's plastic manufacturers is seamlessly transferred to KAEC plastics industries thus creating a parallel hub for the industry. The association is doubly significant given the advances that PolymerOhio has made in sustainable thinking and strategies for the plastics industry. These best practices will serve as a model for KAEC to develop the Plastics Valley."

Ohio's polymer industry has over 2,800 companies that collectively position Ohio as a global centre of excellence in plastics & advanced materials production, plastics products manufacturing, research & development and educational programmes.

Sami Al Halabi said: "The agreement comes as an essential step in the development of the Industrial Zone within KAEC. It further builds on the initiative of The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz in unveiling the KAEC Plastics Valley during his recent tour of the mega-project."

"The objective of the KAEC Plastics Valley is to position KAEC as the regional hub for the fast-growing plastics industry by employing sustainable growth technologies. Several plastics industries are expected to set base in the Plastics Valley cluster shortly with investments expected from several countries across the world," he added.

Farwana of StrateSphere explained: "KAEC is at the forefront in ushering in a new era of industrial growth in the Kingdom, and the partnership with PolymerOhio will ensure that the project has a truly world-class polymer industry. This will act as a hub in attracting investments from across the region to KAEC Plastics Valley."

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