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| ‘King Abdullah Economic City’ launched in Saudi Arabia ‘King Abdullah Economic City’ to be built at a pristine location off the Red Sea in the north of Jeddah with an investment of SR100 billion ($26.6 billion). The City will be a mixed-use development located north of the commercial hub of Jeddah to ensure easy access from the Holy Cities of Makkah and Madina. A massive 55 million square metres of greenfield land with a 35 km shoreline close to the industrial city of Rabegh has been earmarked for the master development. The City will have six distinct components – a modern world-class Seaport, Industrial District, Financial Island, Education Zone, Resorts and The Residential Area. Completion of the overall project will be done in stages with the first batch of businesses and residents moving into the City in a period of 24 to 36 months. Emaar Properties, the world’s largest real estate company in terms of market capitalisation, is the master developer of this ambitious project, the biggest outside of its home market of the UAE. SAGIA (Saudi Arabian General Investment Authority), the apex body responsible for inward investments into the Kingdom, is the prime facilitator for the development. write your comments about the article :: © 2005 Construction News :: home page |