10 quick facts on Saudi Arabia’s new $100 billion city
The city is being called the next biggest emerging market and should be completed by 2035
1.The cost of the new city in Saudi Arabia is a staggering US $100 billion.
2. The project is expected to be completed by the year 2035 and is being viewed as an effort by Saudi Arabia to diversify its economy away from oil.
3. When completed it will serve as the main logistics and manufacturing hub for countries located on the Red Sea.
4. When it comes online in 2035, it will be among the top 10 ports in the world.
5. The new city, which will be located some 100 kilometres north of Saudi Arabia’s current commercial hub Jeddah, will have the capacity to house two million residents along with facilities such as commercial and industrial parks, clinics and hospitals, schools and golf courses.
6. The city’s port is capable of handling 2.7 million containers per year currently growing to 20 million containers per year once completed.
7. The new city will be connected by high-speed trains to Jeddah and the holy cities of Makkah and Madinah and when completed, will be larger than Washington DC.
8. The city currently has about 3000 residents.
9. The industrial park has attracted close to 100 companies.
10. The city, being built by Dubai-based developer Emaar, hopes to have 50,000 residents and be 25 per cent completed by 2020.
May 24, 2015