MMC had announced the project on 5 November 2006 and the development was to be carried out by Jazan Economic City Land, a 50-50 joint venture between MMC and Saudi Binladin Group (SBG). The developers had previously said that Jazan Economic City would attract US$30bn (آ£20bn) of industrial, commercial and residential investments on completion of infrastructure works, creating 500,000 direct and indirect job opportunities.
Saudi Arabian General Investment Authority has written to Jazan Economic City Land saying that آ that the rights of MMC and SBG as the developer have been terminated with immediate effect.
MMC said that the termination was as a result of circumstances which gave rise to several difficulties that interrupted the progress of the project.
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