FINANCIAL NEWS

Jeddah to construct 3 megaprojects

22 Dec 2014

(MENAFN) Jeddah Municipality announced that it is planning to construct three cities, a residential, a recreational, and an industrial one, which will be used to cover the rising demand of the growing population of Jeddah and the kingdom, Saudi Gazette reported.

The cities, which will be located around Gulf Salman, Al-Aslaa Valley, and Asfan city, respectively, will be developed in cooperation with Jeddah Development and Urban Regeneration Company.

The Municipality said that the first city project aims to help with the residential problem that the kingdom is currently facing, adding that the area will be fully supported with all the necessary facilities and services of a model residential area, including the educational, religious, health, sports, recreational, and general services facilities, with the project expected to cover a 3 million hectare area and to include 1.250 residential buildings, and offering 25.000 residential units.

Meanwhile, the second city, located at Al-Aslaa Valley Project will cover 130 million square meters in east Jeddah for the recreation, education, health, and sports facilities, parks and natural reserves, with expectations that the project will open thousands of job opportunities for the Saudi youth.

The final project is the industrial Asfan city project, which will cover approximately 5 million square meters, will have 2.095 industrial facilities, 183 warehouses for various materials such as wood and metal, 22 factories, and 385 stores and showrooms.

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