New Model: Privately Funded Development
The Economic Cities are built on a unique model in which each city is entirely planned, developed and operated by a master developer (MD) from the private sector. The master developer is responsible for the full spectrum of city development activities. Activities include building infrastructure and ensuring the sustainability of the city’s growth by attracting investments and jobs.
To assist the master developers in achieving the goals of the Economic Cities, the ECA has envisioned the development and implementation of innovative regulatory frameworks that govern economic activities within the Economic Cities.
The government’s role (as represented by the Economic Cities Authority)
• Oversee economic cities and the performance of developers to ensure that objectives are met.
• Develop and implement competitiveness regulations and world-class codes and standards adapted to the local environment.
• Enhance the competitiveness of government services and ensure appropriate levels of efficiency.
• Develop and put into action innovative models of strategic partnerships.
• Support investment in economic cities.
The private sector’s role (the primary developer)
• Devise and implement strategies for the development and sustained growth of economic cities
• Secure the funds and financial resources required from the private sector
• Create the general layout of economic cities and plan and carry out development and construction work
• Develop working models and manage economic cities (operation, maintenance, etc.)
• Market economic cities to possible and potential investors