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FINANCIAL NEWS
Saudi annuls Malaysia’s MMC rights to develop USD30b Jazan Economic City
09 Apr 2013
(MENAFN) Malaysia’s MMC Corp Bhd announced that the Saudi government annulled the company’s rights to develop the USD30 billion Jazan Economic City, which it had been granted in 2006, reported Arabian Business.
The construction firm attributed the move to circumstances that led to disrupting the progress of the project.
In November 2006, the Saudi Arabian General Investment Authority granted the project to the joint venture of MMC and the Saudi Binladin Group.
As of September 2010, 30 percent of the project, which comprises industrial and non-industrial zones spanning over nearly 117 square km area, was finished.
In 2006, MMC said that Jazan Economic City would be the Kingdom’s fourth economic city after King Abdullah, Prince Abdul Aziz bin Mousaed and Madinah.
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