The foundation stone for the third mega economic city in Saudi Arabia was laid earlier this week in the city of Medina. The new development, valued at some SR25 billion, will reportedly create more than 20,000 new jobs in the city.
The development, named ‘Knowledge Economic City’ will include the Taiba Technological and Economic Information Center, an interactive museum on the Prophet’s life, a center for studies of Islamic civilization, as well as a center for medical studies, biosciences and integrated medical services according to reports from the Saudi Press Agency, quoted in Arab News.
King Abdullah issued the license to develop the project, which will include housing for 200,000 as well as commercial centers.
Knowledge Economic City’s main investors include the King Abdullah Foundation, Savola Group, Real Estate Projects Management and Development Company and Taiba Investment & Real Estate Development Company, while the main investor of the project will be the Saudi Arabian General Investment Authority (SAGIA).
“The project aims to utilize the Kingdom’s second competitive advantage after energy — its strategic location as a link between East and West — and leverage it through the establishment of a fully integrated economic city providing transportation and logistics services,” said SAGIA Governor Amr Al-Dabbagh.
© 2006 Mena Report (www.menareport.com)
