http://www.gulf-daily-news.com/Story.asp?Article=192126&Sn=BUSI&IssueID=30162 SINGAPORE: Middle East Development, a Dubai-based firm controlled by the Saudi bin Laden Group, is securing massive tracts of land in Yemen, Djibouti and Syria to build whole cities from scratch that would cost billions of dollars, its chief executive said yesterday.

The privately held group, which currently has assets under management of around $280 million, has also begun to look outside of the Middle East and North Africa for growth.

"The future will be the franchising of cities. Whole cities that are run by private corporations and businesses rather than governments and bureaucracies," Oussama Al Dimashki, the chief executive officer of Middle East Development said.

Full Story...

Posted by rjorr at August 29, 2007 12:41 AM