Saudi investors are negotiating with 24 international firms to set up a two billion dollar industrial city for advanced technology industries, to be built on a 100-square-kilometer estate on the Red Sea between the cities of Jeddah and Yanbu.
Reportedly, the companies showing interest in the project are into medical equipment, communications, satellites, electricity, alternative energy, industrial equipment and other areas, and come from Germany, India, Japan, the US, South Africa and South Korea.
According to Ahmad Al-Joufi, the general manager of Nasyat Investment Center, which is coordinating the negotiations process, following negotiations with the US investment bank JP Morgan, the provisional consent of international and Gulf banks for funding the project has already been received. No official license has yet been issued by the Saudi authorities, but and agreement in principal has been secured
Al-Joufi said the estate would also contain a research institute, a university and a small port. Construction will take about three years from the launch date, he stated. — (MENA Report)
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