It has been dubbed a “New Age City” being built today for tomorrow’s generation of Saudis. Construction on the King Abdullah Economic City was launched last week by the custodian of the two holy mosques. Rising from the desert near the industrial city of Rabigh, north of Jeddah, the $26.6 billion project is considered to be the single largest private investment in Saudi Arabia’s future.
Based on initial forecasts, the city and its several components will create up to 500,000 employment opportunities in the various industries and service-oriented companies that will open in the new project. The city will be a mixed-use development with 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 group 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 capitalization, is the master developer of the King Abdullah Economic City. The Saudi Arabian General Investment Authority (SAGIA), the apex body responsible for inward investments into the Kingdom, is the prime facilitator for the development. Thirty percent of the equity in the project is to be available for IPO.
To learn more about the city and to register to receive news of importance to potential investors and business or property owners click to www.kingabdullahcity.com/en/ver2. At the website there is an extensive masterplan, interactive maps and city “flythrough” feature to provide a comprehensive overview of this ambitious project.
