JEDDAH, 22 December 2005 -- Work on the SR100-billion mega economic city began in Rabigh yesterday, a day after Custodian of the Two Holy Mosques King Abdullah launched the project, the largest ever joint venture in the Kingdom.
The King Abdullah Economic City to be built at a pristine location off the Red Sea "signals the dawn of a new era of economic prosperity for the citizens of the Kingdom," said Amr Al-Dabbagh, governor of Saudi Arabian General Investment Authority (SAGIA).
The new age city will have six distinct components: A modern world-class seaport, an industrial district, a financial island, an education zone, resorts and a residential area, the SAGIA chief said.
"Completion of the overall project will be done in stages with the first batch of businesses and residents moving into the city within two years," he pointed out.
Emaar Properties, the world's largest real estate company in terms of market capitalization, is the master developer of this ambitious project, the biggest outside of its home market of the UAE. SAGIA, the apex body responsible for inward investments into the Kingdom, is the prime facilitator for the development.
"SAGIA's Investor Service Center will facilitate the provision of services to potential investors," Al-Dabbagh said, adding that companies and investors would get licenses for implementing their projects in the city within a week after presenting applications.
Central to the mega project is the creation of a 2.6 million square meter new Millennium Seaport similar in size to the world's top 10 ports. With its strategic location on the Red Sea and the instant access to key cities within the Kingdom, the port will have a designated area for light industry and logistics and be a natural platform for onward movement of goods to Europe, Africa, Asia and beyond.
The Industrial District, covering eight million square meters, will represent sectors such as downstream petrochemicals, pharmaceuticals, research and development activities as well as a host of educational institutions.
The waterside resort will serve up a most compelling mix of waterfront hotels and boutique residences. The master plan envisages 3,500 well-appointed hotel and residential bedrooms and suites, premium villas, plus an extensive retail element and an international-class signature 18-hole golf course and an equestrian club.
The Financial Island will offer 500,000 square meters of office space for the leading international and regional financial services providers, business hotels and a new exhibition and convention center. There will be two towers reaching up to 160 stories that offer compelling views of the surrounding city skyline.
By P.K. Abdul Ghafour
© Arab News 2005
