RIYADH: Saudi Arabia’s Jazan attracted over SR1 billion ($266 million) in investments in 2022 and 2023 at it gained ground as an commercial region.
According to the Saudi Press Agency, the amount secured in the last two years represents 40 percent of the municipality’s total investments over the past 20 years.
While the region had a competitive edge in terms of a vast coastline conducive to maritime and oil industries, it was the strategic decision to develop as a special economic zone catering to the logistics industry that gave it the upper hand.
Besides hosting the third largest ports in the Kingdom, the coastal region is also home to a refinery, which is one of the largest refining stations in the world.
Moreover, the rapid development of infrastructure in the region was another crucial factor that led to the spurt in investment over the last two years.
In June, Al-Ekhbariya reported that Jazan’s economic zone was on track to attract SR11 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, Al-Ekhbariya said at the time.
The competitive and integrated economic center is also forecast to provide 17,000 direct jobs by 2040.
Located on the Red Sea coast, the SEZ is 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.
Additionally, the region will provide access to abundant natural resources and raw materials for the agricultural sector, which is growing 9 percent annually.
The Jazan region could contribute an estimated SR39 billion to gross domestic product, especially since it is a gateway to Europe and Africa and a bedrock of Saudi-Chinese investment.
