RIYADH: Jazan’s economic zone is on track to attract SR11 billion ($2.93 billion) in foreign investments by 2040 as it offered unused mining reserves valued at more than $1.3 trillion.
The new mining reserves in the region make it an ideal platform for firms wishing to benefit from the mining sector’s vast potential, which is set to become the third pillar of Saudi Arabia’s national industry.
The competitive and integrated economic center is also forecast to provide 17,000 direct jobs by 2040, Al-Ekhbariya reported.
Located on the Red Sea coast, the special economic zone poses an advanced industrial city and an ideal center for business growth.
This advantage is because of its proximity to the largest export port in Jazan, host to 12 berths with a combined capacity of 5 million tons.
In addition, the region will provide access to abundant natural resources and raw materials for the agricultural sector, which is growing at a rate of 9 percent annually.
The Jazan region could contribute an estimated SR39 billion to the gross domestic product.
Furthermore, the region is a gateway to Europe and Africa and a bedrock of Saudi-Chinese investment.
The region has already committed investments of over SR80 billion to connect with the Chinese Silk Road network.
Promising opportunities will be provided by local supply chains of over 100 factories and 570 construction projects currently in the pipeline.
Jazan’s economic zone aims to take advantage of the Kingdom’s strategic location to create new hubs for businesses across crucial growth sectors so that they can launch and expand companies and technologies that will help shape the future, the Saudi Press Agency reported in April.
It seeks to support existing national strategies and create new links with international frameworks, building on the competitive advantages of each region of the country to support critical sectors such as logistics, advanced manufacturing, technology and other priority sectors in the Kingdom.
Companies operating in the zone will benefit from competitive corporate tax rates; exemption from customs duties on imports, production inputs, machinery and raw materials; 100 percent foreign ownership of companies and flexibility to attract and hire the best talent worldwide.