Jazan Economic City to attract investors

Jazan Economic City to attract investors
Updated 18 January 2013

Jazan Economic City to attract investors

Jazan Economic City to attract investors

The Jazan Economic City is set to attract investments of more than SR100 billion once the infrastructure of the city is completed, and eventually create 500,000 jobs, a local newspaper reported.
The city is located 50 km north of the main city and was built by Custodian of the Two Holy Mosques King Abdullah as a gift to citizens.
The city will depend on heavy industries that need considerable energy, and secondary industries, particularly in agriculture and fishing.
Jazan is the fourth integrated economic city being built under the supervision of the Saudi Arabian General Investment Authority (SAGIA). All infrastructure costs will be paid by SAGIA and a consortium of developers led by the Malaysian company MMC; Bin Laden Group Saudi Arabia; Dar International, Pan Kingdom Investment Co. (PKI); Bakri & Sons Holding Company, and WWDC.
The city has already attracted international industrial investments, with foundations established to build three gigantic factories worth SR4 billion in a joint venture with a Chinese firm.
Other features of the city will include a logistics services center for trading and transporting agricultural, animal and fish products to neighboring countries.
A complex of power stations to produce 400 megawatts of electricity will be established in the first phase of construction. The city will provide different standards of accommodation for the 250,000 people expected to live and work there.
The city center will include plazas and vast squares; and cultural and educational events and activities.
The residential area will include beach recreational activities, a hotel, a marine complex, luxury residential apartments, hospitals, medical centers and schools.
The Malaysian developer has paid for 10 students from Jazan to study in Malaysia. A further 1,000 scholarships will be awarded to Saudi students over the next four years.
Ahmed Mohammed Qanfidi, secretary general of Jazan Chamber of Commerce and Industry, said that the initial plans were drawn up to attract local and international investments. "We also coordinated with the Ministry of Petroleum and Minerals to establish a refinery in the city," he added.