Jan 07 2006 |
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Saudi Arabia to Create a $2.4 Billion Firm to Construct King Abdullah Economic City
Beirut (APD) - The Saudi government will soon announce the establishment of a $2.4 billion company to construct the $26.6 billion King Abdullah Economic City in Rabigh, north of Jeddah, the London-based Asharq al Awsat daily reported Saturday.Emaar Properties and another Emirati company will own a 50% stake in the new firm; Aseer Company will have 10%, Savola will hold 5%, Binladen Group will have 5% and the remaining 30% will be offered for Saudi citizens in a public offering.
Under the development's master plan, King Abdullah Economic City will include a new port, an industrial park, a 3,500-unit residential and hotel complex, two financial towers, and an education zone which will be comprised of universities, schools and research & development centers.
There are also plans to create facilities to serve up to half-a-million pilgrims who arrive by sea each year on their way to the holy city of Mecca.
Aseer Company, which was established in 1977, is a listed Saudi company which focuses on investments in trading, tourism, industry, agriculture and contracting.
Emaar's venture in this project is considered to be the largest outside the UAE since the company's inception.[NI-PL]
© APD (Arab Press Digest) 2006
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