Middle East Development, which is controlled by 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, Issam Halabi, vice president for technical affairs, told reporters on the sidelines of a Meed conference in Dubai on Monday.
'We will have seed capital of at least $10 billion and $190 billion in project finance' Halabi said.
The bridge, which will be 28.5 kilometres long, and carry vehicles, trains, natural gas and water, will cost $14 billion, with construction completed in phases over seven to 15 years, Halabi said.
The associated town projects - one in Yemen and one in Djibouti - will include residential, commercial, healthcare and entertainment areas, Halabi said.
The one in Yemen could be home to as many as 5 million people and that in Djibouti to 1.5 million people, he said.
Tarek bin Laden is a half brother of Osama bin Laden, the head of Al-Qaeda. Middle East Development Singapore is a unit of Middle East Development.
