A BD3 billion investment project was recently launched for the Prince Abdul Aziz bin Mosaed Economic City, to be developed by an investment foundation supervised by the Saudi Arabian General Investment Authority (SAGIA) and headed by Rakizah Holding Company.
Prince Abdul Aziz bin Mosaed Economic City will be largest economic city in the Middle East for logistics and supply chain, according to Gulf Daily News.
The project was launched recently at a ceremony in the Saudi city of Hail, located 600km north of Riyadh, where the city will be erected. The proposed city was subsequently awarded by Saudi Prince Abdullah to the people of the town.
King Abdullah announced that the new economic city would draw BD 3 billion into the Saudi economy, while creating an estimated 30,000 housing units and 30,000 jobs for Saudi Arabian youth. Employment in the city is expected to double as a result of the project's launch.
Thousands of guests were in attendance at the colorful ceremony, including official representatives of the Bahraini government, Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa.
The city will be the second economic city launched by King Abdullah in seven months, the first one being the King Abdulla Economic City in Rabigh.
© 2006 Mena Report (www.menareport.com)
