"We have selected four proposals for the area from 25 suggestions by local and international companies. The plan is to modernise the area," says Faleh Alamiri, deputy construction and housing minister.
"Companies can come and design their own specifications for the area. We will give them a list of what needs to be included – a hospital, schools, housing."
The companies will be given free land, security guarantees and assistance with getting materials through customs.
The contractors leading the other three selected proposals have not been named.