Plans are underway to create a new $2.7 billion economic city in Makkah, the Arab News reported today. The Um Al-Qura Economic City has been submitted to Custodian of the Two Holy Mosques for approval, according to informed sources.
If approved, the project expected to generate 15,000 new jobs. Two sites are being considered for the city, the first along the Makkah-Jeddah Highway and the second in Shuaiba on the Red Sea.
The company that is chosen to develop the city will release 30 percent of its shares for public subscription in an initial public offering, the Arab News added. Founders are expected to raise the remainder.
The Um Al-Qura Economic City would be the fourth such megaproject to be established in the Kingdom. King Abdullah has already launched similar economic cities in Rabigh, Hail and Madinah.