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Jeddah - Yasmine El Tohamy - RIYADH: Investment agreements exceeding SR11 billion ($2.9 billion) were announced on the first day of the Taif Investment Forum, according to the Saudi Press Agency. 

Under the theme “Invest in Taif,” the three-day forum began on Nov. 5 and has seen active participation from leaders in the UK, Chinese, and South Korean industries. Several high-ranking officials from Saudi government agencies and the private sector have also attended. 

Among the agreements, Fakieh Group signed a deal worth SR400 million with a South Korean company. 

The primary objective of the forum is to showcase Taif, a southwestern city in Saudi Arabia, as a promising economic destination and a fertile ground for investment projects spanning various sectors. 

The event, held under the patronage of Taif Gov. Prince Saud bin Nahar, will feature dialogue sessions addressing a range of topics. These topics include clean energy projects, the future of mining in Taif, and food security sustainability. Moreover, the sessions will explore the quality of life in cities and delve into investment in sports, entertainment, and technology. Additionally, they will discuss Taif’s significance in accommodating pilgrims and Umrah performers. 

Speaking on the forum’s sidelines, Deputy Energy Minister for Electricity Affairs, Nasser Al-Qahtani, said that some 40 percent of Saudi Arabia’s gross domestic product is produced from various energy activities.  

“These energy activities include discovery, drilling, treatment, and electricity production and distribution. This is a vital sector, in fact. The energy sector normally affects and gets affected. It mainly fulfills the demand of economy and energy activities, in general,” he said. 

Al-Qahtani also noted an almost 8 percent surge in electricity consumption, stating: “This represents an extraordinary escalation that we haven't witnessed previously, underscoring the country's economic growth driven by the initiatives of the Saudi Vision, particularly those associated with tourism, industry, and trade.” 

Sultan Al-Saadoun, the general supervisor of the forum, emphasized that the investment agreements, exceeding SR11 billion, are the result of agreements between the public and private sectors in over 27 projects.

“These projects will create more than 10,000 job opportunities for the people of Taif of both genders,” Al-Saadoun added.   

Ghazi Al-Quthami, president of the Chamber of Commerce and Industry in Taif, underscored the city’s potential for investments in various sectors, such as tourism, agriculture, industry, and healthcare. He also mentioned that the Chamber is actively collaborating with relevant entities to expand investment opportunities in the city. 

Media advisor Mohammed Al-Zahrani emphasized the significance of the forum as a platform to attract promising investment opportunities and stated that Taif is a city that offers investment potential in diverse sectors, including health, agriculture, and tourism. 

“Taif is a city that beckons investments across diverse sectors, including health, agriculture, and tourism. We are optimistic that this forum will yield the investment agreements that Taif truly deserves.” Al-Zahrani said, noting that the forum is being held in a strategic partnership with the TCCI and other entities.     

The forum is set to feature workshops focusing on women’s participation as development partners, the impact of scientific research on technology, and vocational education in alignment with the goals of Saudi Vision 2030.