Saudi Arabia's General Authority for Civil Aviation (GACA) will establish a commercial city at King Abdulaziz International Airport (KAIA) in Jeddah to encourage private sectors to invest in commercial projects.
According to zawya.com, GACA has signed an agreement with the International Financing Company.
GACA has already identified two separate locations at KAIA where commercial centres, residential buildings, conference centres, recreation areas and business offices will be built to complement the activities of the airport.
The first part of the project, which will have an estimated area of one million square metres, will be located south of the airport.
The second part of the development project, which will have an estimated area of 1.4 million square metres, will be located east of the airport adjacent to the Haramain Highway.
GACA will meet with investors to discuss available investment opportunities and cooperative plans before making a decision by the end of May 2010.
The KAIA airport city project is estimated to create more than 34,000 job opportunities in Jeddah alone.