Saudi Arabian princess Maha Al Sudairi, the wife of Saudi Arabia’s interior minister Naif bin Abdulaziz, is a well-known figure in French luxury boutiques.

Spending 140,000 Euros on clothing and a further 30,000 a week on dry cleaning is not a big deal for her.

She loves Paris – but the city’s high-end shop owners have accused her of robbing them. Al Sudairi has allegedly failed to pay her bills in the last few months.

Versace has just opened a new flagship store in Jeddah, Saudi Arabia.

With black granite marble for the floors, white lacquer effect work on the walls, and a clear blown glass curtain chandelier, the store is looking as luxe as ever.

It will house complete collections for men and women, including accessories, eyewear, watches, fine jewelry, fragrance and Versace Home

Thailand’s revered King Bhumibol Adulyadej is the world’s richest royal, with a fortune estimated at $US35 billion, according to a Forbes magazine list dominated by Middle Eastern monarchs riding high on surging oil prices.

King Bhumibol, 80 years old and the world’s longest-reigning monarch after six decades on the throne, is regarded as semi-divine by many Thais.

Forbes called it a good year for monarchies, investment-wise. “As a group, the world’s 15 richest royals have increased their total wealth to 131 billion dollars, up from 95 billion last year”. With oil prices soaring, the monarchs of the petro-kingdoms of the Middle East and Asia dominate the list.

The Saudi government is planning four new cities, in its bid to diversify the economy and increase employment opportunities, has encouraged growth in the non-oil industrial sector.

The mega project was revealed in 2005 by Abdullah bin Abdulaziz Al Saud, the king of Saudi Arabia. As designed, the cities will have a total of four times the geographic area of Hong Kong, three times the population of Dubai, and an economic output equal to Singapore’s.

The coastal King Abdullah Economy City (abbreviated as KAEC; pronounced CAKE – Arabic: مدينة الملك عبدالله اللإقتصادية‎) is designed to house two million in an area twice the size of Hong Kong.

Entirely funded by domestic and foreign private investors, this is the only one of the four planned cities that is currently under construction.
With a total development area of 173 km² (66.8 sq mi), the city is located along the coast of the Red Sea, around 100 km north of Jeddah, the commercial hub of the kingdom.

The city will be the largest transportation and logistics hub in the Middle East and will be approximately an hour away from the holy Islamic cities of Mecca and Medina by car and an hour away of the 12 Middle Eastern capital cities by plane.

The city will be divided into six main components: Industrial Zone, Sea Port, Residential Areas, Sea Resort, Educational Zone, and a Central Business District (Find out more details on Wikipedia).

The total cost of the city is $26.6 billion. The first stage of the city is planned to be completed in 2010, while the whole city is going to be fully completed by 2020.

The city will help diversify the oil-based economy of the kingdom by bringing direct foreign and domestic investments. Based on initial forecasts, the project and its several components will create up to 500,000 employment opportunities for the youthful population of the country, where 60% of the population is under 15. (Source CNN)