Saudi Arabia's four new economic cities – King Abdullah Economic City, Prince Abdul Aziz bin Mousaed City, Knowledge Economic City and Jazan Economic City – require up to $67bn of investment, according to the Saudi Arabian Investment Authority.
The objective of the economic cities is to grow the national economy and raise the standard of living for Saudis through enhancing the competitiveness of the economy, creating new jobs, improving Saudis' skill levels, developing regions and diversifying the economy.
Each city is being developed by the private sector around at least one globally competitive cluster or industry, which will serve as an anchor and a growth engineer for the city, around which other businesses will locate.
King Abdullah Economic City
Location: Built at a location off the Red Sea north of Jeddah in Rabigh
Focus: port and logistics, light industry, and services
Size: 168mn m2
Investment size: $27bn
Employment: 1mn jobs
Population: 2mn people
Components:
– Modern world-class seaport – Industrial District
– Financial Island – Education Zone
– Resorts – Residential Area
Master developer: Emaar, The Economic City
Prince Abdulaziz bin Musaid Economic City
Location: On the crossroads of trade and transportation routes for the Middle East in Hael
Focus: Logistics, agribusiness, minerals, and construction material
Size: 156mn m2
Investment size: $8bn
Employment: 55,000 new jobs
Population: 80,000 people
Components:
-Logistics & transportation Center -Dry Port -International Airport
-Petrochemical Industries Center -Business Center -Knowledge Center
-Agriculture industries -Mining Center -Entertainment Area
Master developer: Rakisa Holding Company
Knowledge Economic City
Location: Near the Holy Mosque of the Prophet in Madinah
Focus: Knowledge based industries with an Islamic focus and services
Size: 4.8mn m2
Investment size: $7bn
Employment: 20,000 new jobs
Population: 200,000 people
Project Components:
– Educational / entertainment park themed around the prophetic heritage
– Medical sciences and bio-technology centre
– High-tech park – Islamic civilization studies and research centre
– Multi-modal transportation center – business district
– Major retail hub (souks) – Hotel complex
Master developer: Quad International
Jazan Economic City
Location: On the Red Sea in the South Western region of the Kingdom
Focus: Energy and labor intensive industries
Size: 100mn m2
Investment Size: $27bn
Employment: 500,000 new jobs
Population: 250,000 people
Components:
-Industrial Park (will occupy 2/3 of the City) – Sea Port
– Agriculture repackaging and distribution – Fisheries
– Business and Cultural Centre – Health & Education Areas
Master developer: MMC International
Construction Week
1 December 2014
