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The global economic slowdown will not stop development in Saudi Arabia as a US $4 billion (SAR14.9 billion) 100,000-seat sports centre in north Jeddah, is announced.
The project, the King Abdullah Sports City, similar to the Dubai Sports City, will encourage and emphasise youth sports projects, Jeddah municipality officials said.
Jeddah Mayor Adel Fakieh said that the new stadium and support facilities will boost youth activities not only in the surrounding area, but throughout the Kingdom.
“King Abdullah Sports City in Jeddah will be a huge cultural landmark and a symbol of comprehensive development in the kingdom,” he told reporters at a news conference last week.
The King Abdullah Sports City project is a mixed-use development sports development built around five major sports venues. It will be built north Jeddah following approval from King Abdullah. It will also include a specialist hospital to treat athletes, indoor stadiums and youth hostels.
The project has been relocated from its original venue in south Jeddah to the northern portion of the city to accommodate the 9 million m2 it needed. The southern site could only encompass about 1 million m2. The announcement sparked a land grab in north Jeddah in which property values doubled virtually overnight, according to Jeddah-based Arabic language daily newspaper Okaz.
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