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May 26, 2015

Emaar: $100B Saudi city to be ready by 2035

SOUTHERN SHUNEH, Jordan (AP) — A $100 billion city-from-scratch in Saudi Arabia is to be completed by 2035 and will serve as the main logistics and manufacturing hub for countries on the Red Sea, the world's “largest new emerging market,” said the CEO of the company in charge of the mega-project.

The business model of an entire city being built by the private sector was so unusual that it required adjustments in the beginning, said Fahd al-Rasheed, the Group CEO of Emaar Economic City (EEC), which is building King Abdullah Economic City.


 
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