Saudi Arabia trying to replicate Dubai success with four new cities and one will cost $67 billion

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Saudi Arabia is pushing ahead with plans to complete building work on a new megacity in the desert.



The King Abdullah Economic City, or KAEC (pronounced ‘cake’), will be slightly larger than Washington DC and home to approximately two million residents.



Covering 70 square miles, the metropolis is costing £67 billion ($100 billion) and lies 100km from Jeddah, the commercial hub of the kingdom, near the Red Sea.



So far 15 per cent has been built, as public facilities and residential areas are still under construction. Plans include a port, industrial complex, a financial island, beach facilities and residential neighborhoods.



KAEC is one of four new cities being built to diversify an economy that is overly dependent on oil. Already it has its own website showing plans, maps and including details on how to invest.

‘We’re not competing with Jeddah’s Islamic port – but we are going to take business away from Jebel Ali in Dubai. That’s because of our quicker, more automated offloading and customs procedure.’

The Saudi's are trying to replicate the success of Dubai

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Reposted via Next Big Future