Emaar Economic City CEO on Falling Oil Prices, Opportunities in Red Sea Real Estate

Fahd Al-Rasheed, managing director and CEO of Emaar Economic City, said falling oil prices hasn't had too much of an impact on private real estate development in Saudi Arabia. 'We are the largest private sector developer of residential [properties] and we see demand going forward as very healthy,' he said. Al-Rasheed also commented on China's slowing economy talked about how Mars, Pfizer (PFE) - Get Report and Johnson Controls (JCI) - Get Report are looking to expand their manufacturing efforts near the Red Sea. TheStreet's Rhonda Schaffler reports from the Milken Institute's 2016 Global Conference in Los Angeles.