The Orascom Company from Egypt and the Al-Kholy Group recently signed a strategic partnership agreement with the King Abdullah Economic City (KAEC) in Jeddah. The project aims to develop 9.5 million square metres of coastal land into a high-end city similar to El Gouna, Orascom’s development project in Egypt. The venture is expected to cost $1 billion and will involve establishing a global marina, luxury residential areas, resorts, restaurants, cafes and shops. On the sidelines of the Arab-Chinese Business Conference held in Riyadh, the founder of the Orascom Development Company, Samih Sawiris, stated that employees are currently being recruited to work on the Historic Jeddah Project. Sawiris added that the project will be completed within four years from now.
• King Abdullah Economic City is collaborating with two large companies, Orascom and Al-Kholy Group, to develop a coastal area of 9.5 million square metres with a projected cost of $1 billion.
• This project is expected to be similar to the El Gouna Project of Samih Sawiris in Egypt and will include a global marina, resorts, luxury residential areas, and an array of shops, restaurants, and cafes.
• This coastal project is expected to attract tourists, investors, and locals, as well as create additional job opportunities and boost the economy of the city.
• The city is involved in 9 other projects planned in different countries, showing its dedication to diversifying its economy and capitalizing on its coastal location.
