Work on the SR100-billion mega economic city began in Rabigh yesterday, a day after Custodian of the Two Holy Mosques King Abdullah launched the project, the largest ever joint venture in the Kingdom.
The King Abdullah Economic City to be built at a pristine location off the red sea "signals the dawn of a new era of economic prosperity for the citizens of the kingdom," Said Amr AL-dabbagh, governor of Saudi Arabian general investment Authority.
The new age city will have six distinct components: A modern world-class sea port and industrials district, a financial island, an education zone, resorts and a residential area. The SAGIA chief said. “Completion of the overall project will be done in stage with the first batch of businesses and residents moving into the city within two year,” he pointed out.
Emaar Properties, the world’s largest real estate company in terms of market capitalization, is the master developer of this ambitious project, the biggest outside of its home market of the UAE. SAGIA, the apex body responsible for inward investments into the kingdom, is the prime facilitator for the depelome.