Bin Laden firm plans Red Sea bridge, cities

Dubai-based Real estate firm Middle East Development expects to begin work next year on a $200 billion project to build the first bridge across the Red Sea linking Yemen and Djibouti, and new cities on both sides.

The group controlled by a Saudi businessman Tarek Mohammed bin Laden will invest at least $10 billion in the project and seek to raise the remainder from other investors and financial institutions, a senior company executive said.

"The bin Laden family is originally from Yemen ... they want to fight poverty, unemployment and connect the Gulf Arab region with Muslim Africa," Issam Halabi, vice-president for technical affairs, told reporters on the sidelines of a MEED conference in Dubai yesterday.