Jafza to operate Saudi economic city

Dubai free zone operator Jafza International is to develop and manage what will be Saudi Arabia's second largest economic city, the company announced on Wednesday.

Jafza, part of state-owned conglomerate Dubai World, on Wednesday signed a memorandum of understanding (MoU) with lead developer Rakisa Holding Company for the $8 billion Prince Abdul Aziz bin Mousaed Economic City, one of four mega-cities being developed in the kingdom.

Under the agreement, both parties will explore investment opportunities to jointly develop the city, also known as Rakisa Economic City.

Spread over 15,600 hectares, the development is being designed as a transportation and logistical and will include an international airport, dry port, railway station, agricultural industries and services, and a mining centre.

The city, located in Hail, will also include a business centre, residential complexes and entertainment areas.

It will eventually house more than 300,000 people and provide 55,000 jobs in seven phases of development over the next 40 years.

Saudi is also developing King Abdullah Economic City in Rabigh, Knowledge Economic city in Madinah and Jizan Economic City.

Local media reported last month that Saudi Arabia is planning to launch two new economic cities this year.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Sharing Great Vision...
Posted by T Crowe Semler, Fayetteville AR, USA on Saturday 5 January 2008 at 09:41 UAE time

A wise leader is always willing to learn and share great visions. King Abdullah and the Saudi Government have witnessed the success with Dubai’s “Free Zone”. Their willingness to contract operations with Jafza and utilize this model in the Kingdom creating these great new city projects is by far one of the greatest developments in modern Saudi Arabia. By creating these new cities they offer a revitalization of imagination, hope, and opportunities for the youthful population of the Kingdom. Riyadh is a beautiful city (my second home) However, the rapid growth is a strain on infrastructure and the citizens. These new cities offer new destinations for young families to grow and prosper. When the growth in Riyadh levels off then the opportunity for infrastructure up-grades and restoration / rehabilitation of older neighborhoods and shopping districts will create new pride in community, new business opportunities, and set the model for other long standing cities in the Kingdom and Arab World. Wise leaders are willing to share great visions and invest in their own respective countries and region which in turn insures a solid foundation for the future.

Saudi adopts Dubai's free zone model
Posted by T Crowe, Fayetteville AR, USA on Thursday 3 January 2008 at 21:11 UAE time

A wise leader is always willing to learn. King Abdullah and the Saudi government have witnessed the success of Dubai’s 'Free Zone' model. Their willingness to explore the possible applications of this model in the Kingdom and then follow through by creating these great new city projects is by far the greatest developments in modern Saudi Arabia.
By creating these new cities they offer a revitalisation of imagination, hope, and opportunity for the youthful population of Saudi Arabia.
Riyadh is a beautiful city (which I love greatly and call my second home), however rapid growth is creating a strain on infrastructure and its citizens. These new cities offer new destinations for young families to grow and prosper. When the growth in Riyadh levels off then the opportunity for infrastructure upgrades and restoration of older neighbourhoods and shopping districts will create new pride in the community, new business opportunities, and set the model for other long standing cities in the Kingdom and the Arab World.

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM