Gulf nations witness 178% surge in US Dollar sukuk issuance: Fitch Ratings

Gulf nations witness 178% surge in US Dollar sukuk issuance: Fitch Ratings
Gulf nations witness 178% surge in US Dollar sukuk issuance: Fitch Ratings

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Jeddah - Yasmine El Tohamy - Eastern Province reveals 238 investment opportunities for major developmental leap 

RIYADH: Saudi Arabia’s Eastern Province Municipality has unveiled 238 diverse investment opportunities, spanning permanent and temporary ventures across the region.  

Several of these prospects require technical proposals and qualifying expertise to ensure the quality and success of the initiatives, along with investors’ ability to achieve them, according to the Saudi Press Agency. 

Identified over 20,000 investment assets, spanning an area exceeding 116 million sq. meters, this lays the groundwork for a substantial strategic initiative. 

Fahad Al-Jubeir, the mayor of the Eastern Province, explained that these opportunities aim to involve the private sector, investors, and entrepreneurs in municipal investments, aligning with Vision 2030. 

Pursuing this objective has facilitated the initiation of qualitative and pioneering acquisitions, attracting distinguished interest from within and outside the Kingdom. These efforts aim to achieve the vision’s pillars for a thriving economy and an ambitious society, according to the mayor. 

Al-Jubeir emphasized that these opportunities follow the launch by the Prince of the Eastern Province, in the presence of the Minister of Municipal and Rural Affairs and Housing, of a set of investment and developmental projects with a total cost of SR14 billion ($3.73 billion). 

These projects represent a qualitative leap for the region, covering activities, facilities, job opportunities, and improvements to the quality of life. 

This involves the development of plans, infrastructure, and transportation. It also encompasses markets, billboards, and entertainment and tourism centers. 

Moreover, the projects will feature maritime activities, various sports, factories, and exhibitions, along with warehouses and workers’ housing, as well as diverse tourism and commercial sites. 

Additionally, it includes temporary activities such as festivals, events, and entertainment centers in various regional cities and provinces. 

Al-Jubeir urged investors and entrepreneurs interested in the initiative to take advantage of the benefits of the regulations and incentives, such as contract durations of up to 50 years and exemption periods that reach up to 10 percent of the contract duration. He also highlighted the reduction of bank guarantees to only 25 percent of the bid value. 

Interested parties can contact the Investment Excellence Center at the municipality or access the details of investment opportunities through the digital portal for municipal investment and the ‘Foras’ mobile application to participate. 

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