This is a special-purpose vehicle set up in 2006 to deliver King Abdullah Economic City (KAEC), the 186million square metre city being built off the Red Sea to the north of Jeddah.

The city as a whole is being built around six components: a 14km2 seaport, a 62.5km2 industrial park, a 13.5km2 central business district, a 5km2 educational district, a 48km2 residential area and 27km2 of resorts containing seaside locations and luxury villas.

The development is being managed by Emaar, the UAE-based developer behind the Burj Khalifa and the Dubai Mall. Emaar Middle East Company has a 5.8% interest in the company, but the biggest single shareholder is Dayim Modern Real Estate Management, which holds around 20% of the shares. The company recently posted an 87% increase in net income for the first six months of 2012, up to $36.8m.