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FINANCIAL NEWS
Al Mal to build Hail airport in Saudi Arabia
17 Feb 2010
(MENAFN) Saudi Arabia’s General Authority of Civil Aviation (Gaca) and Al Mal Investment Company (Al Mal) signed a Memorandum of Understanding (MoU) to build the Hail International Airport in the Prince Abdul Aziz Bin Musaed Economic City (Pabmec), SPA reported.
Located 720 kilometers north of Riyadh, the $8 billion Pabmec is envisaged as an integrated commerce and industry hub. Al Mal, the investment arm of the M.A. Kharafi Group of Kuwait, is the main developer of the economic city.
The new airport will be a big boost in making the economic city a global business and industrial centre that serves as a premier hub for transportation and logistics, mining, information technology, basic and traditional building materials, agricultural manufacturing, education and smart infrastructure.
Al Kharafi said the new airport would become a vital factor in accelerating the pace of the ongoing development works at the city, spreading over 156 million square meters.
The economic city, which is expected to be completed by 2025, will offer a full range of commercial and community facilities with a mix of office, retail and entertainment activities as well as affordable residential neighbourhoods supported by local community facilities. Upon completion, it will provide 55,000 new jobs.
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