Investment Boom in Saudi Arabia’s Eastern Province: 362 Initiatives Launched
In a bid to attract investors to the Eastern Province of Saudi Arabia, the local urban administration has rolled out 362 initiatives, opening up a plethora of opportunities for private sector involvement in development projects.
The municipality has introduced a wide array of investment opportunities, both temporary and permanent, spanning cities and governorates in the region. This move highlights the municipality’s commitment to engaging the private sector in the development process, as reported by the Saudi Press Agency.
With over 20,000 investment assets covering a massive area of 116 million sq. m., the municipality has established a comprehensive database to fuel significant investment growth in the region.
Mayor Fahd bin Muhammad Al-Jubeir detailed the diverse sectors ripe for investment, including waterfront development, infrastructure projects, transportation, markets, and advertising billboards. Additionally, opportunities exist for recreational and tourist centers, sports activities, factories, exhibitions, warehouses, workers’ housing, and various commercial and tourist sites.
Not limited to permanent ventures, the investment prospects in various cities and governorates also extend to temporary activities like festivals, events, and food trucks.
The municipality is encouraging investors and entrepreneurs to take advantage of the benefits and incentives provided by investment regulations, such as contract extensions of up to 50 years and exemption periods of up to 10 percent of the contract duration to support investors.
In January 2024, the municipality unveiled 238 diverse investment opportunities, requiring technical proposals and specialized expertise to ensure the success of the initiatives and the ability of investors to execute them.
Al-Jubeir emphasized that these opportunities are aimed at engaging the private sector, investors, and entrepreneurs in municipal investments, aligning with the goals of Vision 2030.
This push for investment has led to the launch of significant projects totaling SR14 billion ($3.73 billion), announced by the Emir of the region in the presence of the Minister of Municipal and Rural Affairs and Housing, signaling a new era of economic growth and development in the Eastern Province.