Saudi Arabia plans $26bn 'economic city' :: Financial Times
The project, expected to be largely financed by the private sector, is part of intensifying Saudi efforts to take advantage of the new oil boom to diversify the economy and create jobs for a fast-growing population.
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The city will be located north of Jeddah on 55m square metres of land and will include a new seaport as well as financial and industrial districts. The project even has a tourism angle in a deeply traditional country, promising to create a waterside resort with hotels and an 18-hole golf course.
The project's lead developer is Emaar Properties, the company that has played a leading role in developing Dubai, the nearby emirate whose economic diversification model is being emulated elsewhere in the Gulf.
A statement from Sagia yesterday said a group of companies from Saudi Arabia and the United Arab Emirates had been formed to facilitate investments for the project.
They include the Saudi Binladen group, one of the largest contractors.