Saudi Arabias King Abdullah Economic City (KAEC), the worlds largest privately-funded new city, signed contracts worth SAR 1.6bn ($426mn) in 2016.
Around 30 percent of the total volume of contracts were for developments in the Industrial Valley and another 40 percent were for residential developments, KAEC said in a statement.
It added that 88 percent of contracts were signed with Saudi-based firms and that none of the announced deals included contracts and agreements with companies that have investments in KAEC.
KAEC is continuing to grow and our development plan remains firmly on track, said Fahd Al-Rasheed, Group CEO and Managing Director of KAEC.
Our status as a privately-funded development has been an important factor in our performance and our strong cash position has allowed us to continue to invest steadily across our activities toward achieving KAEC sustainable development.
He added that the tally of SAR 6bn does not include the implementation of contracts in the King Abdullah Port and Industrial and commercial companies investments in the city.