Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz launched the King Abdullah Economic City in Rabigh today. The SR 100 billion [$26.6 billion] residential and commercial project near Jeddah will be the largest integrated economic city in the Middle East, said Amr Al-Dabbagh, head of the Saudi Arabian General Investment Authority (SAGIA).
The mega project, considered the single largest private sector investment in the Kingdom, is being developed by the UAE real estate company Emaar Properties. SAGIA is the primary coordinator for the project.
According to a press release on www.emaar.com, the project is expected to generate up to 500,000 jobs in various industries.
The City will include a new port, with a dedicated terminal that can accommodate up to 500,000 pilgrims on their way to Makkah. It will also offer an industrial park, a 3,500-unit residential and hotel complex, and educational facilities, according to Emaar.
The King Abdullah Economic City will be a multi-stage development, with construction beginning December 21.