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BANKING

The anatomy of King Abdullah Economic City

Saudi economic city passes the IPO test

Financial centres contend for prominence


King Abdullah Economic City is being built on a greenfield site of 55 million square metres on the Red Sea coast and will be a mixed-use development. The project will be completed in stages with the first businesses and residents expected to move in during 2009.

The components are:

The port

A 2.6 million square metre seaport similar in size to Rotterdam, which would make it one of the top 10 largest ports in the world, enabling it to take the world’s largest vessels. With its strategic location and instant access to cities in the kingdom, it will, say the project’s supporters, be a natural platform for moving goods to Europe, Africa and Asia. It will also link in to the planned railbridge across Saudi Arabia. A hajj terminal will receive more than 300,000 pilgrims every year.

Industrial district

The 8 million square metre area will be a centre for small, medium and large industries. Emaar the Economic City hopes to attract sectors such as downstream petrochemicals and pharmaceuticals, as well as research and development activities and educational institutions.


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