RIYADH: Saudi Arabia’s Jazan region is set to benefit from a number of water projects worth an accumulated SR18 billion ($4.79 billion), according to the Kingdom’s deputy minister of environment, water and agriculture.
In a panel discussion titled “Strategic Directions for Investment in the Jazan Region” during the Jazan Investment Forum 2023, Mansour Al-Mushaiti informed that the volume of completed water projects in the region stood at 221.
While the cost of agricultural projects in the region amounted to SR452 million for a total of 59 ventures, the environment-related projects stood at 13, worth an estimated SR142 million, he revealed.
This falls in line with the Kingdom’s strategic decision to develop the region as a special economic zone catering to the logistics industry.
In addition to this, the deputy minister also disclosed that the ministry intends to lay the foundation stone for additional projects in Jazan worth SR1.7 billion.
During the session, Al-Mushaiti went on to point out that the Kingdom possesses several key factors that support the investment environment including Vision 2030.
He went on to highlight the major role of the Agricultural Development Fund in financing projects.
This comes as the volume of financing provided by the fund to the Jazan region amounted to approximately SR1.9 billion equivalent to 27,000 agricultural loans, Al-Mushaiti emphasized.
Moreover, the number of investment opportunities in the Jazan region reached 76, distributed among 12 governorates affiliated with the region, the deputy minister clarified.
He also noted the pivotal role of the Sustainable Agricultural Rural Development Program, known as Reef, in supporting small producers in eight promising agricultural sectors.
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 two-day event that ends on Nov. 30 will shed light on the environmental and climatic diversity of the region, particularly Farasan Island, according to the Saudi Press Agency.
Visitors will have the opportunity to delve into Jazan’s rich heritage, explore monuments dating back to 8,000 BC, and learn more about the region’s importance as an agricultural site with diverse crops.
Over the course of 2022 and 2023, Saudi Arabia’s southwestern region attracted over SR1 billion in investments gaining ground as a commercial sector.