A small dredger dips lethargically into the shimmering Red Sea. The future presence of a world-class container port here – bringing seagoing vessels deep into the flat, windy desert nearby – looks improbable. Indeed, four years into the construction of what is supposed to be a purpose-built metropolis, King Abdullah Economic City looks as hubristic as ever. This $27 billion project, sponsored by an affiliate of Dubai developer Emaar, has always had its doubters. That was before the collapse of the off-plan sales model in property development in the Middle East.
By the time it is completed in 2025, about 2 million people are supposed to inhabit...
