$34.7bn invested so far in Saudi economic city

KEYSTONE DEVELOPMENT: King Abdullah Economic City has drawn $34.7 billion in local and foreign investment, SPA has said. (Supplied)

The King Abdullah Economic City, the keystone of a policy of industrial expansion in Saudi Arabia, has attracted 130 billion riyals ($34.7 billion) of investment so far, the official Saudi Press Agency (SPA) said on Tuesday.

"Local and foreign investment projects in the King Abdullah Economic City have reached 130 billion riyals up to now," SPA said, adding that King Abdullah would inspect the site on the Red Sea coast near Jeddah on Wednesday and inaugurate some projects.

The agency gave no more details, but 130 billion riyals is higher than estimates given by the government previously on how much investment the project would draw in.

Saudi developer Emaar Economic City, an affiliate of Dubai-based Emaar Properties, is spearheading the development of the industrial, tourism and real estate complex, incuding a financial centre and luxury residential areas.

The project is the most prominent of a series of "economic cities" the Saudi government has touted to diversify its oil and gas-based economy and find jobs for its burgeoning youth population. Saudi Arabia is the world's biggest oil exporter. (Reuters)

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