The organisation is planning to attract an estimated SR10bn ($2.7bn) in investment to the city over the next five years.
As part of the development for the city Tawfig al-Rabiah, director general of SOIETZ, says it has signed a number of contracts for works there.
They include the first phase of infrastructure and groundworks at the city, including the cost of supplying electricity to the site.
The work is expected to take 20 months to complete but he declines to name the firms which have won the contracts.
The contracts also include the design drawings of a 10-kilometre road linking the city to the main highway, which is expected to be complete in six months.
SOIETZ already operates 14 industrial cities at sites in Riyadh, Qassim, Dammam, Al-Ahsa, Mecca, Medina, Jeddah, Hail, Al-Jauf, Tabuk, Assir and Najran.