Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz laid the foundation stone for educational, IT, electricity, real estate and infrastructure projects worth $34.6 billion (SR 130 billion) at the King Abdullah Economic City in Rabigh today.
Launched in December 2005, the King Abdullah Economic City is the largest private sector investment in the Kingdom. Once completed, it will include a dedicated port, an industrial park, a 3,500-unit residential and hotel complex, and educational facilities.
In remarks today, Saudi Arabian General Investment Authority (SAGIA) Governor Amr Al-Dabbagh said that the massive economic city has already attracted more than $26.7 billion (SR 100 billion) in investments.
King Abdullah has launched similar economic cities in Hail, Madinah and Jizan, with two more planned for Tabuk and the Eastern Province.