Jazan Economic City to become key contributor to Saudi economy

Updated 26 February 2015

Jazan Economic City to become key contributor to Saudi economy

Jazan Economic City will become a key contributor to Saudi Arabia’s economy as current infrastructure and projects development will provide a solid base for further investments in heavy and secondary industries, petrochemicals, mining and conversion industries, Khalid A. Al-Falih, president and CEO, Saudi Aramco said at the Jazan Economic Forum (JEF) in Jazan City.
The forum is being attended by over 500 Saudi Arabian and foreign dignitaries and business leaders, and is showcasing investment opportunities at the Jazan Economic City (JEC) project.
In his opening remarks, Al-Falih said the company was proud to play a key role in the development of Jazan. 
He said Jazan Economic City was part of the Saudi Government’s vision to create economic bases across the Kingdom to achieve a diversified economy and balanced regional development. 
“The Jazan Economic City  vision seeks to invest in the region’s natural resources, diverse geographic features and human resources to make a major positive difference to the area’s future, so that Jazan will become a significant  contributor to the Kingdom’s economy,” said Al-Falih.
According to Al-Falih, Saudi Aramco will build Phase I of the project which will include smart infrastructure to meet energy, utilities and transportation requirements of a diverse industrial base. 
“Saudi Aramco has been entrusted to build Jazan’s strategic infrastructure through the development of a refinery and terminal, a power plant, a commercial seaport, a water desalination plant, roads and water and sanitary drainage systems, in addition to connecting electricity,” he said.
Jazan’s rich endowment of mineral and agricultural resources makes it ideal for the region to prosper and thrive into a major economic city in the Kingdom, he added.
Al-Falih also said that Saudi Aramco has taken a pro-active approach to human capital development for the Jazan people by launching a number of training initiatives to create a highly-capable and qualified workforce, drawn primarily from the area’s youth, to fill jobs in all stages of the project. 
These skills and training initiatives began in 2014 when Saudi Aramco and the Technical and Vocational Training Corporation (TVTC) signed the agreement of the Jazan Contractors Alliance for Training and Employment, also known as “Maharat” by launching two training institutes.
“The Saudi Aramco — TVTC alliance is an innovative strategic partnership with the refinery project’s contractors to train and employ 5,000 young people from Jazan in various construction-related professions and crafts over four years.  Longer term, we aspire for the number of jobs available in Jazan to reach 75,000,” said Al-Falih.


Saudi finance ministry hosts foreign investors ahead of budget 

Updated 09 December 2019

Saudi finance ministry hosts foreign investors ahead of budget 

  • Twenty two international investment companies are being shown around some of the Kingdom’s top non-oil based companies
  • Saudi banks such as SAAB, Samba, NCB, Bank AlJazira and Alinma Bank are also in attendance

RIYADH: Saudi Arabia’s Ministry of Finance has kicked off a tour for foreign investors in Riyadh today ahead of the 2020 Budget Forum on Dec. 10.
Twenty two international investment companies from Taiwan, the US, the UK, Malaysia, Indonesia, Japan, Hong Kong, Germany and France have been invited to visit some of the Kingdom’s top non-oil based companies.
The group includes a number of international investment companies, insurers and asset managers, including Goldman Sachs, Mayfair Bank, Etiqa Insurance and Nippon Life Insurance Company among others.
Saudi banks such as SAAB, Samba, NCB, Bank AlJazira and Alinma Bank are also in attendance.
Among the sites visited by the delegation are the Riyadh Metro, where the group got a glimpse of the bus and train systems that are due to launch mid-2020. 
The tour also takes in Al-Turaif UNESCO heritage site, and Qiddiya, the entertainment mega project under development in Riyadh.