Saudi Arabia builds King Abdullah city for $26 billion
Saudi Arabia, Economics, 12/21/2005

Saudi Arabia announced on Tuesday the foundation of a new city on the western coast with investments exceeding 26.6 billion dollars. A matter which reflects the prosperity the kingdom has been witnessing, due to the oil revenues as well as its desire to open to foreign investment.

The contract was given to the real estate Imar company which is owned by Dubai government in a celebration presided over by King Abdullah at the headquarters of the general commission for investment in Riyadh. The city which is named "King Abdullah Industrial City" was built near al-Rabegh industrial city north to Jeddah.

A joint statement by Imar company and the general commission for investment indicated that the project is considered the largest private investment in the kingdom, noting that the cost of the investment is 100 billion Riyals ($26.6 billion). The new city, where construction works will start today, includes a port which is ten times larger that the largest port of Rotterdam (the largest in the world) and it can anchor giant ships as well as an industrial area for the sectors of petrochemicals, pharmaceuticals and research.

The city which will expand along a coast of 35 km, also includes an educational city, a tourism zone and a financial stock market center.

Previous Stories:
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  Saudi Arabia joins WTO officially   (11/12/2005)
  Saudi stock market up after King Fahd's death crisis   (8/3/2005)

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