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 (£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 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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