Saudi Arabia for the first time allow foreigners to buy property





05.06.2010 10:29
King Abdullah Economic City (KAEC), one of the four major cities being built in Saudi Arabia, will be the first place in the country, where foreigners will be allowed to buy real estate. Construction of the city, named after the head of state, is engaged in Emaar Economic City, the government-controlled Saudi Arabia, and is the largest development company in Dubai.

It is assumed that after completion of the city, scheduled for 2025, its area would be consistent with the size of Brussels. The project cost for the construction of KAEC is $ 7 billion

"The city will be the first in Saudi Arabia, where the property owner could be anyone - said Chief Executive Officer Emaar Fahd Al-Rasheed. - Many people are ready to invest in the Saudi market, seeing new opportunities for investment in real estate, given the significant population growth in the country. "
KAEC is located an hour`s drive from Jeddah. It is expected that its population will be about 2 million people, and it will provide 1 million jobs.

Construction of the city is part of the government program a $ 400 billion, announced in 2008, involving investment in the infrastructure of the country and reduce its dependence on oil.
zagorodna.com
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