Emaar the Economic City - largest private sector investment in Saudi Arabia
Saudi Arabia is embarking on a number of new mega-projects. According to Samba Financial Group’s mid-year report about the Saudi economy, which was released last week, the total cost of projects currently under way or in advanced planning for execution over the next several years is SR1.06 trillion ($283 billion).
According to Arab News, the largest private sector investment in Saudi Arabia will be the King Abdullah Economic City which will be developed by Dubai-based Emaar Properties in collaboration with Aseer and Binladen Group of Saudi Arabia in a joint venture called Emaar the Economic City. The two similar projects recently announced include the Prince Abdulaziz bin Musaad Economic City in Hail and the Knowledge City in Madinah.