King Abdullah Economic City, the master-planned development under construction on Saudi Arabia's Red Sea coast, is reconfiguring its plans to focus on more low and middle-income housing, says the developer.
'With the financial crisis we don't have as much demand and we're not developing as fast,' said Fahd al Rasheed, the chief executive of the developer Emaar, The Economic City, a joint venture with Emaar, the developer based in Dubai, and the Saudi Arabian General Investment Authority.
King Abdullah Economic City (KAEC), north of Jeddah, is planned to cover more than 168 square kilometres and house more than 2 million people, clustered around a new industrial district, schools, commercial space and the Red Sea's biggest port. It is scheduled for completion in 2025."
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