The scope covers the construction of 13 kilometres of road: 8.4 km on the north-south road, 80 metres wide and a 4.4-km stretch, with a width of 100 metres acting as an access road to the port.
A 200-metre-long bridge will also be included in the works.
The agreement includes associated infrastructure and utility works including storm drainage, sewer lines and telecoms links.
Turner Arabia is the project manager and SaudConsult is the project supervisor.
The project duration is expected to be nine months.
King Abdullah Economic City is on the Red Sea coast, north of Jeddah.