JIZAN ECONOMIC CITY WELL AHEAD OF TARGET

JEDDAH: Jizan Economic City(JEC) being developed by MMC and Saudi Binladin Group has achieved USD 26 billion worth of investments within a time span of two years, well ahead of the 25-year target envisaged during the project launch in 2006,” said Feizal Ali, CEO of MMC. Nineteen MOUs to develop a deep-water port, a ship-building site, and factories for steel, aluminum and car components were signed in Jizan on 4 November 2008 involving port operator China Merchants Holdings, Malaysian holding companies GIIG and Puncak Semangat Sdn, China’s Hebei Iron and Steel, Malaysian carmaker DRB-Hicom, Telekom Malaysia, China’s CPI Power Engineering, Aluminum Corp. of China and Pakistan’s Hashoo Group.