RIYADH: Saudi Arabia’s Jazan City for Basic and Transformative Industries has completed 53 capital projects exceeding SR9 billion ($2.39 billion), revealed Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef.
During the city’s projects award ceremony RAWAS, he highlighted that these projects span across multiple sectors, aiming to enhance the city’s investment opportunities.
The minister stated that 24 projects have been established in the fields of infrastructure and roads, 18 in public facilities and housing, and 11 projects for other services.
Furthermore, private sector investments in Jazan City have surpassed SR32 billion, with ongoing discussions about future projects estimated to be valued at around SR10 billion, added Alkhorayef.
“The inauguration of these projects completes the ongoing projects in Jazan City for Basic and Transformational Industries, falling under the initiative to develop the basic facilities for industrial areas in the city, such as the seawater cooling system project costing over SR1.2 billion, and the project to establish a 1,000-megawatt power station in the industrial area, costing over SR400 million,” the minister said.
He added that key projects enhancing the special economic zone include constructing a security wall, gates, and infrastructure, with investments exceeding SR1 billion.
Furthermore, Jazan City is poised to launch a series of capital projects. This includes the second phase of developing the general industrial area, projected at SR350 million, and phase two of the maritime area’s infrastructure. The latter is aimed at bolstering investments in residential spaces and improving living standards, estimated at SR400 million.
“Jazan City for Basic and Transformational Industries has aligned its projects with several national strategies, including the National Industrial Strategy launched last year, incorporating several future capital projects within this strategy’s initiatives, such as the ready-made buildings for food industries — phase one, estimated to cost approximately SR420 million,” he added.
In the context of partnerships, Alkhorayef emphasized the impactful returns on government investments in capital projects.
He noted that each riyal invested yields an impressive eightfold return from the private sector.
This substantial financial gain not only underscores the economic viability of these projects but also paves the way for more investment opportunities, thereby fostering the region’s economic and industrial growth.