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FINANCIAL NEWS
USD12.5b projects in Jeddah planned: Report
14 Mar 2012
(MENAFN) Saudi Arabia plans to spend USD12.5 billion on 127 infrastructure projects in Jeddah, as it seeks to transform the city into a regional hub, local media reported.
The Saudi Gazette quoted from the governor of Makkah province Prince Khaled Al Faisal as saying that he believed the investment will transform Jeddah into a major city in the Kingdom and the region.
At a meeting of the Regional Council this week, Prince Khaled Al-Faisal said 42 projects have been completed and 127 projects are currently underway.
However, Al-Faisal said there were still some issues with project delays to be worked out. ”
The Saudi Gazette also reported that Jeddah Mayoralty said that in order to complete these projects it would need more funding.
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