Jazan Gov. Prince Mohammed bin Nasser inaugurated the two-day Jazan Economic Forum on Wednesday calling for strong investment initiatives from businessmen and corporates to drive the region’s industrial and commercial growth, making use of its strategic location and viable opportunities.

Prince Mohammed highlighted the fast development achieved by Jazan over the past years.

“Jazan’s strategic location on the Red Sea coast heralds a bright future for the region,” he told the forum that showcases investment opportunities in the region, especially at Jazan Economic City and Jazan Industrial City.

He said the government’s move to develop Jazan’s industrial and tourism sectors would make the region one of most attractive places for investment in the Kingdom.

“I am sure that JEF will position Jazan on top of the Kingdom’s investment list,” he said.

The forum also offers a good opportunity for Saudi and foreign businessmen and businesswomen to gain first-hand information about investment opportunities in the region, said the governor.

In his keynote speech, Prince Mohammed referred to the visit of King Abdullah to the region in 2005, adding that the royal visit opened a new era in Jazan’s history and development.

“Your state has decided to end the underdevelopment of Jazan, taking it to a new course of development running against time, giving special care,” the governor quoted the late king as saying during his visit.

“As a result of that royal gesture, we are now witnessing qualitative and quantitative development with new health, tourism, agricultural and road projects,” the governor said.

He said that the government has also strengthened Jazan’s position as a new investment hub by setting up Jazan Economic City.

Prince Mohammed said the Saudi Industrial Property Authority (Modon) has developed one million square meters in Abu Areesh to establish an industrial city, adding that the government has allocated 40 million square meters for the city.

Referring to tourism development in Farasan Island, Prince Mohammed said higher authorities have allocated more than SR2 billion for the project.

Saudi Aramco has established partnership with the Technical and Vocational Training Corporation to set up manpower development centers in Darb and Haqave, the governor said while highlighting the region’s efficient human resources. Saudi Electricity Company will establish another training center in Bisha.

He also referred to the efforts of Jazan University in supplying qualified hands required by the job market. The Higher Institute of Tourism and Hospitality Business meets manpower needs of the tourism industry.

He commended Saudi Aramco for its excellent organization of the forum.

Prince Sultan bin Salman, president of Saudi Commission for Tourism and Antiquities (SCTA), was among the keynote speakers at the forum and highlighted his organization’s efforts to develop the Kingdom’s tourism industry. “JEF is one of the important events to promote investment partnership,” the prince said, adding that it would help authorities to set out a strategic development vision for Jazan, attracting national and foreign investment to the region.

Referring to the Farasan project, Prince Sultan said that SCTA would exert its efforts to speed up implementation of the project, adding that it includes 26 tourism schemes, 19 of which will be implemented with government support while seven others with private sector participation.

“Jazan with its strategic position and natural resources is an ideal place for investment,” the prince said.

Prince Sultan said the government has taken 28 decisions in recent years to boost the tourism sector, improve services and cut prices. They include the new tourism law, the heritage and museum law, establishment of Al-Oqair Development Company, national program to develop handicrafts, and plans to establish advanced service and rest centers along highways.

Abdullatif Al-Othman, governor of SAGIA, emphasized the government’s efforts to improve the country’s investment climate and introduce new investment incentives.

“These incentives include soft loans worth 75 percent of the project cost from the Industrial Development Fund to those investing in Jazan,” he said, adding that such loans are given for a period of 20 years.

Foreign investors in Jazan and such regions are given 50 percent cut in taxes from the cost of training Saudis, and payment of 50 percent of Saudis’ salaries. For industrial projects, investors are given a 15 percent tax cut from the non-Saudis’ share.

Saudi Arabia has received third position in G-20 in fast economic growth and stable financial system, he said. It has become of one of best places for investment in the world due to its strategic location, and political and economic stability.

“SAGIA along with other government departments are working to create a suitable atmosphere for investment to tap the Kingdom’s potential and realize good returns for the Kingdom and the investor,” Al-Othman said.

“We are working to resolve the challenges facing investment,” he added.

The SAGIA chief highlighted Jazan’s investment potential.

“It is one of the strategic locations that can attract domestic and foreign investment. There are a lot of investment opportunities in the region. It is good for fisheries as it accounts for 40 percent of the Kingdom’s fish supply,” he explained.