Kuwaiti investors have signed two investment contracts with the Eastern Province Municipality in Saudi Arabia to establish entertainment centers and a commercial mall, with a value of 340 million riyals ($90.6 million).
“Attracting investors from outside the Kingdom indicates that the Eastern Province possesses an attractive infrastructure for establishing investments that contribute to advancing development and creating job opportunities for the sons and daughters of the country in line with (Kingdom’s Vision 2030),” said Eastern Province Governor Prince Saud bin Nayef during the ceremony for inking the contracts.
Eastern Province Mayor Fahad Al-Jubeir signed the contracts on the Saudi side.
“These projects will contribute to a qualitative shift in the level of recreational and tourism elements and economic activities, and the participation of Gulf investors confirms the attractiveness of municipal investment and the confidence of investors in the Kingdom’s economy,” clarified Al-Jubeir.
A set of qualitative, exemplary, and pioneering investment projects in partnership with a number of ministries, authorities and sports federations had been launched for the Eastern Province, revealed the mayor.
These projects aim to support the Eastern Province’s tourism, entertainment, culture, education, health, sports, environment, and privatization sectors. They also seek to enhance spending efficiency and diversify non-oil revenues.
Al-Jubeir indicated that there had been a noticeable increase in the turnout of investors and entrepreneurs to investment opportunities presented by the Eastern Province’s municipality.
This contributed to the doubling of revenues in recent years, as the municipality achieved gains greater than the targeted figures set by the Finance Ministry in three consecutive years.
“The investment initiatives aim to create job opportunities, support productive families, activate festivals and events, and raise the level of services to achieve the concept of sustainable development in the region and quality of life,” said Al-Jubeir.
