 |
Strategy. Execution. Results. |
|
Strategy. Execution. Results. |
June 10, 2008
Columbus, Ohio
StrateSphere LLC, an Active Capital firm located in Columbus, Ohio has signed a Memorandum of Understanding with Emaar, The Economic City (EEC) in collaboration with PolymerOhio, Inc and the Saudi Arabian General Investment Authority (SAGIA).
As per the MOU, StrateSphere and PolymerOhio, the association of the world’s leading polymer and plastics manufacturers representing Ohio as a global center of excellence in polymers and advanced materials, along with EEC and SAGIA will pursue the development of KAEC Plastics Valley. The goal is to position KAEC Plastics Valley as a global center of excellence in the plastics sector, like Ohio.
The Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz AlSaud unveiled the KAEC Plastics Valley, a key component of the Industrial Zone, 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.
The details of the current collaboration will be announced during the Global Competitiveness Forum to be held in Riyadh in January 2009. In the meantime, EEC will undertake strategic planning to identify the various features of the KAEC Plastics Valley.
Mr Fahd Al-Rasheed, Chief Executive Officer and Board Member, Emaar.E.C; Mr Tariq Farwana, Managing Director of StrateSphere Enterprises, a private corporate group with varied business interests, signed the agreement in the city of Jeddah in The Kingdom of Saudi Arabia recently.
His Excellency Mr Amr Al-Dabbagh, SAGIA Governor said: "KAEC has established itself as the preferred regional investment destination offering growth opportunities in high-growth sectors. The recently unveiled KAEC Plastics Valley is another initiative that will further establish KAEC as a magnet for investments in plastics and advanced materials. Ohio is regarded as the birthplace of the plastics industry and our collaboration with PolymerOhio will not only bring in best practices to KAEC, it will position Saudi Arabia as the regional centre of excellence in the plastics sector."
Mr Al-Rasheed said: "The twinning memorandum of understanding with PolymerOhio 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 programs.
Mr 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."
KAEC is the single largest private sector development project in the region and has six zones: the Sea Port, Industrial Zone, Central Business District, Educational Zone, Resort District and Residential Communities. The first phase of the project including phases of the Industrial Zone, Sea Port and Residential Communities has been launched to strong investor response. Work on the project is currently ongoing at an accelerated pace.
StrateSphere, an Active Capital firm, is a unique blend of a Private Equity and a Management Consulting firm, with a primary competency of enabling SMEs to maximize their enterprise value in local and global markets.
StrateSphere aims to be a vested-interest partner of choice for SMEs in providing a comprehensive solution to their needs. In essence, StrateSphere has set out to carve a new niche in the Private Equity market. Our aim is to evolve the traditional Venture Capital model by blending it with aspects of Management Consulting, thus providing a synergistic and comprehensive offering that enables SMEs maximize their potential. StrateSphere has coined the term Active Capital to describe this new level of a comprehensive business proposition.
Emaar, The Economic City (Emaar.E.C), established in September 2006, is a Saudi joint stock company managed by Emaar Properties PJSC, one of the world’s largest property developers, and a number of high profile investors from Saudi Arabia. Emaar.E.C has a share capital of SR8.5 billion consisting of 850 million shares of nominal value SR10 each. Thirty per cent of the equity, worth SR2.55 billion, was offered for public subscription.
Emaar.E.C leads the master-planning and development of the 168 million sq m King Abdullah Economic City (KAEC), a project being built on a pristine location off the Red Sea in the north of Jeddah. SAGIA (Saudi Arabian General Investment Authority), the body responsible for inward investments into the Kingdom, is the prime facilitator for KAEC.
KAEC, a New Age City being built today for tomorrow’s generation of Saudi citizens, has six components - sea port, industrial district, educational zone, central business district with commercial, mixed-use, retail outlets and financial island, resorts and residential area. The mega-project works closely with the Kingdom’s on-going drive to expand the economy, create employment opportunities for its youthful population and function as a catalyst to attract foreign investment, global trade, commerce and industry. Based on initial forecasts, the project and its several components will create up to one million employment opportunities in the various industries and service-oriented companies that will open in KAEC. It will also be home to 2 million residents.
PolymerOhio is focused on enhancing the global competitiveness and growth of Ohio’s plastics, rubber and advanced materials industry. It provides a broad range of value-added programs and services to its member companies and Ohio’s polymer industry. PolymerOhio resources have a deep understanding of the polymer materials and processes and the products derived from these materials. PolymerOhio members include the entire value chain of production from design, materials and equipment through toolmakers and processors to OEM’s. PolymerOhio’s partner organizations range from academic institutions, economic development resources to enterprise companies and service providers that enable our industry to continually improve and grow.
If you would like more information about this topic, or to schedule an interview with StrateSphere, please call Damon Caiazza at +1 614-416-8001 or email pr@stratesphere.com
<< Back to News
