RIYADH: Saudi Arabia’s Jazan region is attracting investments thanks to the lending mechanisms offered to regional investors, according to the assistant minister of industry and mineral resources for planning and development.
In a panel titled “Strategic directions for investment in the Jazan region” during the Jazan Investment Forum 2023, Sami bin Mohammed Al-Hamoud explained that Jazan is among the regions receiving generous government support and financing solutions in an attempt to boost investment and development.
This falls in line with the Kingdom’s strategic decision to develop the region as a special economic zone catering to the logistics industry.
“What distinguishes the lending mechanisms for investors in the Jazan region is that the region is one of the regions where 75 percent of the cost of these projects is covered, compared to some other regions,” Al-Hamoud said.
“The Industrial and Logistics Development Program has worked over the past years to prepare about 190 hectares as industrial areas, equipping approximately 250 factories,” he added.
Al-Hamoud added that the Royal Commission for Jubail and Yanbu, with its supervision of Jazan City for Political and Transformational Industries, offers a wide range of investment opportunities today.
Also speaking during the discussion, Undersecretary of the Ministry of Investment for Investment Development Saleh bin Ali Al-Khabti said: “In the Ministry of Investment, we have a target of more than SR12 trillion ($3.19 trillion) for fixed capital formation. This means that we will not forget Jazan, but the pressure on it will increase due to the presence of more than 22 sectors working to develop opportunities there,” Al-Khabti stressed.
“We attract qualitative investments that open new supply chains through our work in various countries,” he added.
Taking place on Wednesday, the forum held under the patronage of Crown Prince Mohammed bin Salman, aims to introduce economic advantages in the logistics and agriculture sectors.
In addition, the event will shed light on the environmental and climatic diversity of the region, particularly Farasan Island, according to the Saudi Press Agency.
Visitors will have the opportunity to delve into Jazan’s rich heritage, explore monuments dating back to 8,000 BC, and learn more about the area’s importance as an agricultural site with diverse crops.
Throughout 2022 and 2023, Saudi Arabia’s southwestern region attracted over SR1 billion in investments, gaining ground as a commercial district.
