Eastern Province attracts 50 investors from 17 countries with SAR 7bn in deals

The Eastern Province Municipality has attracted 50 investors from 17 countries through more than 91 investment contracts, with total investments exceeding 7 billion riyals (SAR), as part of its efforts to enhance the investment climate, diversify opportunities, and support private sector participation in line with the goals of Saudi Vision 2030 and the strategies of the Ministry of Municipal and Rural Affairs and Housing.

Municipality spokesperson Faisal Al-Zahrani said these figures reflect the growing investment momentum in the region and ongoing efforts to develop the investment ecosystem, creating an attractive environment for local, Gulf, and international investors by diversifying opportunities, streamlining procedures, and improving the efficiency of municipal asset investments.

He noted that the list of investors includes nationalities from Gulf, Arab, Asian, European, and American countries. The investments vary in contract size and duration, ranging from 5 to 25 years, offering multiple investment models tailored to different project types and needs.

Al-Zahrani stated that the municipality generates annual investment revenues exceeding 2 billion riyals, with over 95% of its assets invested through opportunities spanning 18 sectors. This contributes to maximizing the use of municipal assets and increasing the private sector’s role in economic and service development in the region.

He added that these investments support the local economy, create job opportunities, and stimulate economic activity, while also attracting more investors from inside and outside the Kingdom. He affirmed the municipality’s commitment to further developing incentives and facilitation measures for investors to enhance ease of doing business and the attractiveness of investment opportunities.

Al-Zahrani highlighted that the package of incentives for investors includes faster licensing and approval procedures, contract durations of up to 50 years, exemption periods of up to 10% of the contract term, and a reduction of the bank guarantee to 25%, giving investors greater flexibility in designing and implementing investment models suited to their projects.

He emphasized that the variety in contract durations and investment sizes reflects the diverse opportunities offered by the municipality, from medium-term contracts to long-term partnerships, as part of its strategy to maximize municipal asset utilization, strengthen partnerships with the private sector, and boost its contribution to sustainable development.

Al-Zahrani concluded that these indicators are part of the Eastern Province Municipality’s efforts to enhance the investment environment, broaden the investor base, and offer high-quality opportunities across various sectors and activities, in line with Saudi Vision 2030 and with the support of the Ministry of Municipal and Rural Affairs and Housing, contributing to economic and urban development in the region.