Knowledge Economic City will be built 5km away from the Prophet's Mosque
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Saudi Arabia's Knowledge Economic City has announced that its CEO, Eng Ibrahim bin Mohammed Al Blushi, is to step down after little more than a year in the role.
Al Blushi was appointed as CEO of the mega-project in the holy city of Madinah on 5 February last year, but in a regulatory filing on 5 March the company said that he is to leave his role at the end of the month "due to personal circumstances".
The company also said that it had appointed Dr Marwan bin Mohammed Noureddin Fahmie as acting CEO. Dr Fahmie holds a PhD in Construction Management from the University of Florida, and Masters and Bachelor Degrees in civil engineering from the University of New Mexico. He has previously been vice president for projects and operations, as well as also previously filling an acting CEO role.
Knowledge Economic City is a $7bn project whose focus is on knowledge-based industries with an Islamic focus. It is due to contain a biotech centre and a technology park, as well as a business district, retail hub, hotels and an educational / entertainment park themed around prophetic heritage.
Plans for the 15,600 hectare Knowledge Economic City were first announced in 2006 and consultants were appointed to project manage phase one of its development in 2009. However, progress on its development to date has been slow.
It is eventually meant to house companies offering up to 55,000 new jobs and a residential population of 80,000.