Mamdood Tarabishi, project manager with the local Savola Group that is part of a consortium developing KEC, says the masterplan is being finalised. Once complete, work will begin on the detailed design of the city.
Other companies in the consortium include Project Management and Development Company, Taibah Investment & Real Estate Development Company, Quad International Real Estate Development Company and the King Abdullah Foundation.
KEC, located on the outskirts of Medina, will cover an area of 4.8 million square metres and will have a built-up area of about 9 million sqm. The city will house about 150,000 residents.
The project is worth $6.7bn.