A $100 billion city to be built from scratch in Saudi Arabia will be completed by 2035 to serve as a commercial hub for countries on the Red Sea, AP reported Sunday.
Fahd al-Rasheed, CEO of the company in charge of the project, said the region has become the world's "largest new emerging market." The new city — 100 kilometers north of Jeddah and estimated for two million residents — would serve to diversify Saudi Arabia's assets and create jobs, as the country's youth unemployment rate stands at 28 percent.
“We are obviously creating a product that people want to invest in, and are creating enough value that we can make profit,” said Rasheed, Emaar Economic City CEO.
The plan includes construction of schools, hospitals, industrial parks, and golf courses. The company will also create a high-speed train to link the King Abdullah Economic City to Jeddah, Mecca and Medina.
EEC's mother company, Emaar Properties, previously built the iconic Burj Khalifa, the world's tallest building in Dubai.
