RIYADH: Recreational and sporting facilities in the Jazan region are poised for improvement as the municipality has initiated the privatization of 13 parks and football fields, with an annual allocation of SR5 million ($1.35 million).
Jazan Municipality plans to release a total contract valued at over SR113 million, with the intention of transferring these projects to regional investors to enhance the investment system and boost revenues.
The municipality emphasized that the privatization process includes transforming parks and stadiums into specialized companies responsible for the management and operation of public spaces.
These efforts align with the broader goals of Saudi Arabia’s Vision 2030, focusing on private sector involvement, financial sustainability, and business privatization to foster development.
Jazan Municipality invited investors and entrepreneurs interested in these opportunities to explore the details through the digital portal for municipal investment and the “Forsa” smart application, providing easy access for participation in investment opportunities.
In October, the Minister of Transport and Logistics announced Saudi Arabia’s plan to invest SR1.6 trillion through partnerships with the private sector and global collaborators.
During the Saudi-EU Investment Forum, Saleh bin Nasser Al-Jasser emphasized the Kingdom’s Vision 2030 goals, targeting over 30 million pilgrims and Umrah visitors and more than 100 million tourists annually.
Recognizing the pivotal role of the private sector in driving future prosperity, Crown Prince Mohammed bin Salman has underscored its significance as a strategic permanent partner crucial to the Kingdom’s success.
This commitment is reflected in Saudi Vision 2030, which aims to elevate the private sector’s contribution to the gross domestic product from 40 percent to an ambitious 65 percent.
These efforts saw the Kingdom outperform its target for attracting regional headquarters, with over 180 companies now established in the Kingdom.
This number surpasses the initial goal of securing 160 headquarters by the end 2023, as disclosed by Minister of Investment Khalid Al-Falih.
