RIYADH: Saudi Arabia’s Jazan region is set to become a center for African trade, according to an adviser to the minister of industry and mineral resources.
Speaking at a panel titled during the Jazan Investment Forum 2023, Saleh Al-Solami explained that the Kingdom’s industries have the capacity to hold a larger share in African markets.
This falls in line with the Kingdom’s strategic decision to develop the region as a special economic zone catering to the logistics industry.
“The size of the economy in Africa — the volume of demand and imports — exceeds $400 billion, so there is great scope for Saudi industries to hold a larger share in African markets,” Al-Solami said.
“The Jazan region will be a major regional center and an outlet for neighboring demand markets,” he added.
Al-Solami also explained how the Jazan region will have a major role due to its ability to link areas that provide raw materials to Africa and benefit from the manufacturing capabilities in the Kingdom, add value to the value chain, and re-export to the targeted markets, in addition to the local market.
Also speaking during the same session, Majed Al-Shathry, vice president, acting industrial cities operation at MODON, shed light on the infrastructure in the Jazan Industrial City
“The Jazan Industrial City has an area of 39 million sq. meters, of which 3 million sq. meters are already developed,” Al-Shathry noted.
“It includes 62 industrial contracts, of which 24 are productive industrial facilities and the rest are under construction and in the preparation stages to start production. It also includes eight existing ready-made factories, and 10 factories currently in construction is in progress, and we expect it to be ready within 2 to 3 months,” he emphasized.
Taking place on Wednesday, the Jazan Investment Forum 2023, held under the patronage of Crown Prince Mohammed bin Salman, aims to introduce economic advantages in the logistics and agriculture sectors.
In addition, the event will shed light on the environmental and climatic diversity of the region, particularly Farasan Island, according to the Saudi Press Agency.