The Eastern Province Municipality in Saudi Arabia has announced a significant development initiative, introducing 238 varied investment opportunities for both permanent and temporary projects throughout the region.
These investment prospects, highlighted by the Saudi Press Agency, require specialized technical proposals and demonstrable expertise to assure the quality and successful execution of the initiatives and to confirm the capability of investors to realize them.
More than 20,000 investment assets have been identified, covering over 116 million square meters. This substantial identification of opportunities sets the stage for an extensive strategic development drive.
Fahad Al-Jubeir, the mayor of the Eastern Province, stated that the aim of these opportunities is to engage the private sector, investors, and entrepreneurs in municipal investments. This is in line with the country’s Vision 2030, which is focused on creating a prosperous economy and an ambitious nation.
The initiative has sparked significant interest, attracting qualitative, pioneering investments both domestically and internationally, and is aimed at fulfilling Vision 2030’s goals for economic and social enhancement.
Al-Jubeir highlighted that this announcement followed the launch of investment and developmental projects worth SR14 billion ($3.73 billion) by the Prince of the Eastern Province, in the presence of the Minister of Municipal and Rural Affairs and Housing. These projects are expected to represent a transformative leap for the region, encompassing new activities, improved facilities, job creation, and an enhanced quality of life.
The development encompasses a variety of sectors, including infrastructure, transportation, markets, advertising, entertainment, and tourism centers. It also includes maritime and sports activities, manufacturing, exhibitions, storage facilities, worker accommodations, and various commercial and tourism sites.
In addition to long-term investments, the initiative offers opportunities for temporary activities like festivals and entertainment centers across different cities and provinces in the region.
Al-Jubeir encouraged investors and entrepreneurs to leverage the benefits provided by the regulations and incentives, which include contract terms of up to 50 years, exemption periods that can cover up to 10 percent of the contract duration, and a reduction of bank guarantees to 25 percent of the bid value.
Those interested in participating in the initiative can reach out to the Investment Excellence Center at the municipality or explore the details of the investment opportunities through the municipal investment digital portal and the ‘Foras’ mobile application.