Oct 16 2008 |
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New firm to reshape Jeddah
JEDDAH: A new company that aims to transform Jeddah and give the "Bride of the Red Sea" a spectacular standing among the world's historic cities was officially launched here yesterday. Jeddah Central District Company (JCDC) was unveiled at a press conference by its chairman Ghassan Al-Sulaiman.JCDC, materialized after eight years planning, is a consortium of Gulf companies. It consists of Urban Development Co. Ltd. of Saudi Arabia (UDC) , Solidere International Limited , Siraj Capital (Saudi Arabia), the Commercial Real Estate Co . (Kuwait) and Venture Capital Bank (Bahrain). The consortium has signed a memorandum of understanding with Jeddah Municipality.
The project aims to raise Jeddah's status as the "Gateway to the Two Holy Mosques" and radically expand its roles as both regional and global economic hub. "This vital project is a partnership between the public and private sectors," Al-Sulaiman said at the press conference.
The plan is to divide the Jeddah city center into two main zones, the waterfront area and the historic area. New development will extend from outside the historic zone and will include lands offered by the Jeddah Municipality and the owners and shareholders of the project.
For a better idea of the scope of the project, Al-Suleiman urged the public to visit the "Makkah Mega Projects Development Exhibition," which was opened last Saturday by Custodian of the Two Holy Mosques King Abdullah.
By Hasan Hatrash
© Arab News 2008
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