Dabbagh said: "It is no coincidence that the city is being formally launched as Saudi Arabia has now become a part of the World Trade Organization (WTO). The city is one of the most impressive projects Saudi Arabia has attempted in the new millennium. The fact that we were able to move ahead with this project on a fast track basis shows that the Kingdom is moving ahead with confidence to transform its economy and create more sustainable prosperity for its citizens," the SAGIA governor observed. Mohammed Ali Alabbar, Emaar chairman, said: "The six components - seaport, industrial district, educational zone, financial island, resorts and the residential area of the city - will work seamlessly together to make it an important global destination and a focus area for the development of both heavy and light industry, services in various sectors and bring in a greater level of local investment as well as regional and international foreign direct investment (FDI) into the Kingdom. The educational zone will consist of universities and schools. There will also be research and development centers, a luxury holiday resort as well as residential and commercial centers. The city is part of SAGIA's ambitious plan to attract foreign funds, providing incentives and tax breaks for investors and removing hurdles facing them. It has concluded 17 agreements with various government departments aimed at knocking down hurdles for local and foreign investment.
