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12/21/2005:

"Saudi to build 26-billion-dollar new city"

Oil-rich Saudi Arabia unveiled a 26.6-billion-dollar project to build a state-of-the art residential and industrial city, timed with its new membership to the World Trade Organisation. King Abdullah Economic City will be located near the western industrial city of Rabegh on the Red Sea coast, north of the kingdom's second largest city, Jeddah.

An Emaar-led consortium made up of Saudi and Emirati companies, including the Saudi Bin Laden construction company, will be the main investor in the development.

The Saudi Arabian General Investment Authority (SAGIA), which is in charge of attracting foreign investment to the kingdom, will be project coordinator.

"In what is considered the single largest private sector investment in Saudi Arabia, the announcement ... is a signal of the dawn of a new era of economic prosperity for the citizens of the kingdom," Emaar said on Tuesday.
breitbart.com