"Um Al-Qura Economic City," a SR10 billion development project will reportedly be built in the Saudi Arabian city of Mecca, creating an estimated 15,000 new jobs for locals.
Plans for the Um Al-Qura were reportedly presented recently for the approval of the Custodian of the Two Holy Mosques King Abdullah, according to Arab News.
Industry sources stated that the company to be entrusted with the task of developing the city would sell one third of its shares for public subscription in an initial public offering, and that the project's founders would raise the remaining amount themselves.
Thus far, two possible locations have been chosen for the future site: the first along the Mecca -Jeddah Highway near Mecca National Park, and the second in Shuaiba, on the Red Sea coast.
Chairman of the Mecca Chamber of Commerce and Industry, Adel Kaaki, stated that businessmen in Mecca had expressed their interest in establishing an integrated economic city that would link the two Saudi cities of Mecca with Jeddah.
Saudi Arabian General Investment Authority’s (SAGIA) officials will meet with Makkah businessmen in Riyadh shortly to discuss details of the project, press reports said.
“The Um Al-Qura Economic City will open new opportunities before the private sector and boost the national economy,” lauded Kaaki.
