Maher bin Abdulsamad Bondakji, board chairman of Al-Marabie Co. Ltd., has announced the establishment of a Saudi club, described as the first of its kind in the private sector.

The club named Jeddah City is has been formed by a Saudi-foreign partnership.

The project, to be located in northern part of Jeddah Province, is to be funded 20 percent by the club's board members, 20 percent by local banks, 50 percent by foreign investors, five percent by the project' partner, and another five percent by the project’s executing company.

Bondakji said the project work will start once study and drawing preparations are done. The project will be executed by a European engineering expertise house, which specializes in the construction of sports stadiums worldwide. The project study will be submitted in due course to the General Presidency of Youth Care seeking its initial approval for the project.

With regards to the period specified for the completion of the project, Bondakji explained that it was fixed at one year and a half from the start of the work following the date of approval.

The project consists, among others, of a playground with space for 40,000 spectators, the club's building and facility designated for an academy attached to the club, a store, and an international hotel and health utilities.

Bondakji revealed the existence of partnership with a European club to promote football.

The project's revenues include sponsors' contracts, the club' investment and revenue generated from attendance of spectators, with its profits exceeding 87 percent, which will wholly be dedicated to the club, he added.

According to Bondakji, the project is a turning point in sports investment in the Kingdom and an investment experience that maybe emulated by all other clubs for raising their revenue.