DUBAI, 9 January 2006 — The company set up to develop a multibillion dollar Red Sea coast project in Saudi Arabia has fixed its capital at SR9 billion ($2.4 billion), the consortium’s lead partner said yesterday. The UAE’s Emaar Properties is heading a consortium of Saudi companies such as the Aseer Group and Saudi Binladen group that will build the $26.7 billion complex, billed as the largest single private investment in Saudi Arabia. The developers said last month they planned to float 30 percent of the consortium but did not indicate how much it was worth. A spokeswoman for Emaar said the consortium had a capital of SR9 billion but would not say what Emaar’s stake was.