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FINANCIAL NEWS
Saudi Arabia to construct $13.3b tourist city
21 Feb 2010
(MENAFN) The Chairman of the Saudi Commission for Tourism and Antiquities (SCTA), Prince Sultan bin Salman, said that King Abdullah has approved the development of a $13.33 billion tourist city in the eastern coastal city of Al-Oqair, Arab News reported.
Al-Ahsa Mayor Fahd Al-Jubair said the project will also create more than 80,000 jobs for young Saudi men and women. The first phase of the project will cost $27 million, he added.
A similar project is also to be developed in Jeddah’s Obhur Corniche. The Saudi cabinet has already given approval for the project.
Spread over 140,000 square meters, the site will be developed into a permanent center for festivities. It will also include a heritage village, an open stage and a site for fireworks.
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