**RIYADH, Saudi Arabia** – In a bold step toward shaping the future, King Abdullah Economic City (KAEC) has signed a strategic Memorandum of Understanding (MoU) with Nef, a leading global real estate developer with a footprint spanning three continents, seven countries, and over 85 landmark projects to date. This remarkable partnership, announced during this year’s Cityscape Global, marks the beginning of a transformative era in Saudi Arabia’s urban landscape.
With KAEC being a PIF company — backed by one of the world’s largest sovereign wealth funds managing close to USD 925 billion in assets — the city stands as a thriving investment hub along the stunning Red Sea coast north of Jeddah. Together, KAEC and Nef aim to introduce groundbreaking hotel, retail, and residential projects rooted in innovation, sustainability, and world-class design standards.
Bridging Vision 2030 with Global Innovation
At the heart of this partnership lies a shared ambition: to align with Saudi Arabia’s Vision 2030 by fostering sustainable growth, job creation, and future-ready communities. KAEC, spanning a vast 185 million square meters, already serves as a seamlessly integrated ecosystem for businesses, residents, and tourists alike. Now, fueled by Nef’s global expertise, the city is on the cusp of an innovation wave that could redefine the meaning of modern living in the region.
Abdulaziz Alnowaiser, CEO of KAEC, emphasized that this collaboration reflects a dedication to enriching the residential and lifestyle offerings. His vision? To shape KAEC into a city where quality of life, innovation, and community thrive in perfect harmony. This is more than just development — it’s the crafting of a city that inspires both local pride and global admiration.
Nef’s Design Philosophy: Where People Come First
For Nef, this cooperation is an exciting opportunity to infuse KAEC with its unique design philosophy and patented innovations. Known for efficient space planning and human-centered design, Nef delivers living spaces that combine art, technology, and comfort. Its **Foldhome** concept offers residents access to over 24 premium lifestyle amenities without additional costs — a game-changer for urban living around the globe.
Erden Timur, Chairman of Nef, expressed his commitment to shaping “the future of modern urban living in Saudi Arabia.” With over 45,000 title deeds delivered and a rapidly growing land bank exceeding 25 million sqm, Nef’s track record speaks volumes. By merging KAEC’s potential with Nef’s expertise, this collaboration is set to elevate urban life into an unparalleled experience of design excellence and livability.
Shaping the City of Tomorrow
Beyond the architectural blueprints and infrastructure plans, this alliance has far-reaching implications. It will attract international attention, boost tourism, and ignite greater private sector participation — all of which are essential pillars for Saudi Arabia’s economic diversification. As these developments rise, they will not only reshape skylines but also transform lifestyles, creating vibrant communities where people can live, work, and thrive under the sun-washed beauty of the Red Sea coast.
In the end, the KAEC–Nef partnership is more than a business deal; it’s a bold promise — a promise to build the city of tomorrow, today.
