The company established to develop a multi-billion dollar Red Sea coast project in Saudi Arabia has fixed its capital at SR9 billion ($2.4bn), the consortium's lead partner said. The Dubai-based Emaar Properties is leading a consortium of Saudi firms such as the Assir Group and Saudi Binladin Group that will build the $26.7bn complex.
A spokeswoman for Emaar said the consortium had a capital of SR9bn but refused to say what Emaar's stake was.
