Region: Middle East
USD 25 bn Al Faisaliah Project to provide 995,000 housing units by 2050
Dubai, UAE, 21 March 2019: The USD 25 billion Al Faisaliah Project in Saudi Arabia will play a vital role in the country’s move to diversify its economy, said Faizal Babu Pallathody, Managing Director, VTS Clima, naming the project as one of the key developments that will cultivate private-sector engagement as part of Saudi Vision 2030. Pallathody said the city, spanning 2,450 square kilometres, will be located in the western part of Makkah, starting from the Haram boundary and will extend up to the Red Sea coast of Al-Shuaiba in the west. “The project is a giant extension of the Holy City of Makkah and will provide 995,000 housing units and accommodate 6.5 million people by 2050,” he said.
Pallathody said that the country is proactive in its efforts to transform its economy and move to a post-oil era, underpinned by ambitious mega-projects, such as NEOM, which aims to boost foreign direct investment (FDI) into the country. The USD 500 billion industrial zone of NEOM, Pallathody said, will feature a 26,500-square-kilometre business zone that will link Saudi Arabia, Egypt and Jordan and aims to be a futuristic hub for both industry and citizens.