(MENAFN) Saudi Arabia is planning to create an industrial city in the desert, an idea borrowed from China, and which wooed several Chinese companies to invest in the project, Times of Oman reported.
Emaar Economic City, a subsidiary of Dubai-based Emaar, is running the project and has announced that Chinese companies should make up at least 20 per cent of those investing in King Abdullah Economic City (KAEC), with two of the 80 companies that have agreed to invest so far in the Red Sea area are from China.
Saudi Arabia is building four economic cities aimed to attract foreign investment and create jobs. KAEC will include a port and business district as well as residential areas and resorts and is expected to be built over 168 square kilometers.
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