Emaar raises the stakes in Jeddah
Emaar Properties and the Saudi government have announced plans for a massive US $26.6 billion (SR99.7 billion) residential and commercial development in Jeddah.
EMAAR Properties and the Saudi government have announced plans for a massive US $26.6 billion (SR99.7 billion) residential and commercial development in Jeddah.
Approximately 55 million m2 of greenfield land with a 35 km shoreline close to the industrial area of Rabegh has been earmarked for the master development, which will be called the King Abdullah Economic City.
The city will have six components: a seaport, industrial
district, financial island, education zone, resorts and a residential area.
The project will be completed in stages with the first batch of businesses and residents moving into the city over the next two to three years.
A major focus of the project is the creation of a 2.6 million m2 Millennium Seaport, which will rank alongside the world’s largest ports.
The 8 million m2 industrial city is expected to attract large and small manufacturers, representing industries including petrochemicals and pharmaceuticals, as well as a host of educational institutions.
“This city will be a world- class location to work, live and play and will be a shining example for Saudi Arabia’s transformation into a global economic powerhouse,” said Mohamed Ali Alabbar, chairman of Emaar.
“The project will further consolidate its position as the Middle East’s largest economy,” he added.