Knowledge Economic City and Cisco Team Up to Develop World-Class Connected City
Saudi Project to Create Favorable Environment to Attract Global Enterprises While Promoting Smart Living For Residents
RIYADH, SAUDI ARABIA--(Marketwire - January 20, 2008) - Sheikh Ibrahim M. Alissa of Madinah
Knowledge Economic City (KEC) and Mr. John Chambers, chairman and chief
executive officer of Cisco (NASDAQ: CSCO), today confirmed a strategic
agreement has been finalized for the infrastructure development of the
five-million-square-meter "smart city" project. The project is designed to
attract global information and communications technology (ICT) firms who
wish to establish operations and research-and-development facilities in
Saudi, as well as creating more than 20,000 jobs within the city. Residents
should benefit as well, with the initiative providing an attractive and
interconnected living environment.
The Knowledge Economic City's expected aggregated investment is
approximately US$8 billion in the overall development of the city. As part
of its Connected Real Estate initiative, Cisco will provide the network
architecture for the city. All buildings in KEC will be interconnected and
can be managed over a highly secure Internet Protocol (IP) network,
allowing for centralized management and reduced operational costs for the
city. The city's network will facilitate data, voice, video and mobile
communications across commercial and residential buildings.
KEC Chairman Sheikh Ibrahim M. Alissa, CEO Tahir Bawazir, and CTO Mohammad
Shah were all present as well as Dr Sami Baroum managing director of Savola
Co., a major shareholder in KEC.
"Smart cities rely on a being able to connect -- from basic high-speed
connectivity to connected real estate -- and then complementing with
value-added services for businesses and residents," said Sheikh Ibrahim M.
Alissa, chairman of KEC. "Teaming up with Cisco will help us differentiate
the Knowledge Economic City with a world-class infrastructure that will
help businesses reduce capital and operating expenses by being able to have
more visibility across their locations and operations.
"We are committed to boosting the Saudi economy by attracting foreign
direct investments, creating jobs and encouraging Muslim scientists to
relocate to Saudi by providing them with the right working and living
conditions," the Sheikh added.
"Smart cities rely on a combination of connectivity, connected real estate
and value-added services for businesses and residents," said Tahir Bawazeer
CEO of KEC. "Collaborating with Cisco will help us differentiate the
Knowledge Economic City with world-class smart infrastructure that will
help businesses reduce capital expenditure and operating expenses."
Knowledge Economic City Chief Technical Officer Mr. Mohammad Shah said that
upon signing, KEC can embark on the build and design of infrastructure to
help create the envisioned world-class 'smart city' KEC is to become.
"The Knowledge City project in Saudi Arabia will demonstrate how technology
innovations can bring about new levels of development of brand new cities
that will help attract knowledge industries and investments while favorably
impacting management and operational costs," said Wim Elfrink, executive
vice president and chief globalisation officer for Cisco. "Cisco's
Connected Real Estate initiative, developed to be a globally replicable
model, has the potential to play a major role in transforming real estate
developments in emerging economies."
To further develop the human capital in Saudi Arabia, Cisco is also
committed to establishing the Cisco Networking Academy within the Knowledge
Economic City to help train skilled professionals to design and maintain
networks. Academies will play a key role in helping to address the
shortfall of local technology talent in the Kingdom.
About Knowledge Economic City Al Madinah (KEC)
KEC Madinah is one of four economic cities being developed in Saudi Arabia
to boost regional development and provide employment for the country's
growing population by focusing on Intellectual Property, Knowledge-Based
Industries, Medical, Hospitality, Tourism and Multi-Media.
The project is located at Al-Madinah, the home of the Prophet (Peace Be
Upon Him) where the Holy Quran was compiled. The project has special
significance for Muslims throughout the world because of its location.
Knowledge Economic City is designed as a project that will position Saudi
Arabia and young Saudi Arabian entrepreneurs as internationally respected
leaders in knowledge based industries and aims to attract and develop
talent from around the world. It will provide them with opportunities on a
global scale while providing investors and entrepreneurs with
infrastructure, opportunity, a unique pool of talent and the potential for
a healthy return on investment.
More than 20,000 jobs and accommodation for about 150,000 people will be
created by the project which will have an aggregated investment of more
than SR30 billion and take up to 8-10 years to complete.
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