Saudi Tycoon Plans $70m Construction Project in Djibouti

The Saudi Arabian Middle East Development Corporation’s chairman and managing director, Sheik Tarek Mohamed Binladen, arrived Sunday in Djibouti aboard a private jet on a business trip.

The extremely wealthy Saudi Arabian businessman (Osama Ben Laden’s half-brother) is the initiator and promoter of this titanic project like the construction of the Djibouti-Yemen bridge over the Red Sea.

Besides this huge project, the Saudi tycoon planned to build two futuristic towns dubbed Madinat Al Noor or the cities of enlightenment on either side of the Red Sea on Djibouti and Yemen seaside.

The costs of all these major projects are estimated to be over US$70 million.

Sheik Tarek Mohamed Binladen and President Ismail Omar Guelleh of Djibouti held talks which were followed by the signing of an agreement between the Middle East Development Corporation and the Republic of Djibouti.

Source African Press Agency

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