Dubai investments with BinLadin Construction: King Abdullah City

[NVMojo]

no wonder we had to fly all those binladens out of the US after 9/11. They still had alot of work to do!

14:48 2005-12-21
A consortium of three Saudi and Emirati companies plans to build a US$26.7 billion (euro22.4 billion) city on the Saudi Arabian seaside that is being called the largest-ever private development in the kingdom's history. The planned city, dubbed King Abdullah City, will send skyscrapers, wharves, warehouses and housing sprawling across 55 square kilometers (21 square miles), including 35 kilometers (20 miles) of Red Sea coastline, just north of the kingdom's commercial hub of Jeddah.

Overseeing the project will be Dubai-based developing giant Emaar Properties, along with Saudi construction partners Binladin Group and real estate firm Assir, according to a release issued Tuesday. The consortium plans to raise 30 percent of the development costs through an initial public stock offering.

The Binladin Group is owned by the family of Osama bin Laden, which has publicly cut its ties with the al-Qaida leader. The group is one of the kingdom's largest construction company, involved in multiple projects in the region.

The King Abdullah City project was launched in Riyadh on Tuesday in a glittering gathering of Saudi and Emirati royalty in gold-trimmed robes, presided over by Saudi King Abdullah and Dubai Crown Prince Sheik Mohammed Bin Rashid Al Maktoum, the intellectual architect of Dubai's building boom.


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http://newsfromrussia.com/world/2005/12/21/70244.html

[nofurylike]

1. thank you for posting this, NVMojo. eom