Groundwork on the $26.6 billion ‘King Abdullah Economic City’, the largest single private sector investment in Saudi Arabia, got underway as bulldozers moved in on the 55 million sq m of greenfield site, north of Jeddah.
Issam Galadari, managing director of Emaar Saudi Arabia, said: “Following the project announcement, work on the site started immediately. The port will be the first area of the development that we will concentrate on with other areas such as residential following quickly. The overall project will be done in stages with the first batch of businesses and residents moving into the City in a period of 24 to 36 months.”
“This is a very exciting time for us, this multi-stage development will complement the Kingdom’s current economic expansion and at the same time create employment opportunities and attract foreign investment, trade, commerce and industry,” Galadari added.
The project consists of six distinct components - a modern world-class Seaport, Industrial District, Financial Island, Education Zone, Resorts and The Residential Area and is Emaar’s largest outside its home market of the UAE.
With its strategic location on the Red Sea and instant access to key cities within Saudi Arabia, the mega project will closely integrate itself into the Kingdom’s on-going drive to expand the economy, create employment opportunities for its youthful population and function as a catalyst to attract foreign investment, global trade, commerce and industry.
