Saudi Industrial City Giga-Project Adds New Direct Investments and Contracts to its Total Investments of 26,7 billion USD
New investment agreements will contribute to food sustainability in the country and further develop the advanced living environment for Jazan City for Primary and Downstream Industries
JAZAN, Saudi Arabia, Nov. 25, 2022 /PRNewswire/ — The Kingdom of Saudi Arabia implements the ambitious strategies of Vision 2030 to diversify the economy and unlock the potential of non-oil sectors. One of the giga-projects launched in alignment with Vision 2030 is Jazan City for Primary and Downstream Industries (JCPDI), an industrial city and strategic logistics hub in the southwestern region of the country, on the Red Sea. Today JCPDI announced several investment agreements and projects worth over 267 million USD. New investments in JCPDI aim to promote the economic diversification of the Kingdom, increase the private sector contribution in the economy and attract new foreign direct investments. Overall investments in JCPDI now exceed 26,7 billion USD.
Khalid bin Mohammed bin Abdulrahman Al-Salem, the Chairman of the Royal Commission for Jubail and Yanbu (RCJY), stated: "Our goal is to make sure that JCPDI is attractive to potential investors. We also want to promote the city as a vibrant place for businesses and communities. The newly signed agreements will generate around 300 new direct and indirect high-quality jobs and contribute to the local GDP".
CEO of JCPDI, Dr. Fahd bin Dhaifallah Al-Qurashi, added: "The first investment agreements relate to JCPDI's key strengths: logistics, food processing, and metals conversion. Our agreements with food processing companies are not only an investment opportunity – they also help to achieve national sustainable goals and self-sufficiency in grain products and animal feed".
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