Eastern Province attracts 50 investors from 17 countries with SAR 7bn in deals
Eastern Province Municipality has secured over SAR 7 billion in investments from 50 investors across 17 countries, signing more than 91 contracts.
The Eastern Province Municipality has successfully attracted 50 investors from 17 countries, signing over 91 contracts worth more than SAR 7 billion, in a drive to boost the investment climate and support the private sector in alignment with Saudi Vision 2030 and the Ministry of Municipal and Rural Affairs and Housing's strategies.
Municipal spokesperson Faisal Al-Zahrani highlighted that these figures indicate the region's growing investment momentum and efforts to enhance the investment ecosystem, making it appealing to both local and international investors. The portfolio of investments spans 18 sectors, with durations ranging from 5 to 25 years and varied contract sizes, catering to diverse project requirements.
The investment revenues generated annually exceed 2 billion riyals, contributing significantly to the local economy, job creation, and overall economic activity. Al-Zahrani emphasized the municipality's commitment to further incentivizing investors by offering expedited licensing and approval processes, contract durations of up to 50 years, and reduced bank guarantees, thereby providing greater flexibility for designing investment models.
This approach reflects the municipality's strategy to diversify opportunities, streamline procedures, and improve the efficiency of municipal asset investments, ultimately aiming to bolster economic and urban development in the region while aligning with Saudi Vision 2030.
Written by urgent.news from Ajel English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
