Wednesday, December 21, 2005
World
Saudi Arabia to construct 26-billion-dollar city
Agence France-Presse
Riyadh, December 21, 2005
Oil-rich Saudi Arabia unveiled a 26.6-billion-dollar project on Wednesday to build a state-of-the art residential and industrial city, timed with its new membership to the World Trade Organisation.
King Abdullah Economic City will be located near the western industrial city of Rabegh on the Red Sea coast, north of the kingdom's second largest city, Jeddah.
An Emaar-led consorium made up of Saudi and Emirati companies, including the Saudi Bin Laden construction company, will be th main investor in the development.
The Saudi Arabian General Investment Authority (SAGIA), which is in charge of attracting foreign investment to the kingdom, will be project coordinator.
"In what is considered the single largest private sector investment in Saudi Arabia, the announcement ... Is a signal of the dawn of a new era of economic prosperity for the citizens of the kingdom," Emaar said.
The project was announced at SAGIA's headquarters in Riyadh in the presence of Saudi King Abdullah, Crown Prince Sultan bin Abdul Aziz and Dubai's Crown Prince Sheikh Mohammed bin Rashid al-Maktoum, highlighting the significance attached to the project by the Saudi government.
Saudi Arabia, the world's top oil producer, formally joined the WTO on December 11 and is eager to demonstrate its commitment to political and economic refom and its new openness to foreign investment.
"It is no coincidence that the city is being formally launched as Saudi Arabia has now become a part of the World Trade Organisation," said Amr al-Dabbagh, SAGIA's governor.
© HT Media Ltd. 2005.