The Eastern Province Development Authority, in partnership with the General Authority for Transportation and the Eastern Province Secretariat, those interested in investing in maritime transport projects and related tourism activities to promptly express their interest in investing in these projects via the Eastern Province Municipality’s website from April 24 to May 16, 2022.
Engineer Fahad Al-Mutlaq, CEO of the Eastern Province Development Authority, explained that these projects aim to diversify investment opportunities in the region, given the importance of maritime transport as a key and promising sector full of significant investment opportunities, to revitalize the region’s beaches—one of its most important comparative advantages—and to leverage available assets such as ports and coastal facilities, Furthermore, coastal transport will help achieve the goals of diversifying modes of transportation and improving accessibility, which in turn will enhance urban performance indicators in the region.
He noted that maritime transportation projects and their associated opportunities will be launched gradually in several phases with the aim of enabling technically qualified private-sector entities to invest in opportunities to operate and utilize these assets.
Investment opportunities include the operation of pleasure boats and tourist vessels, medium-sized passenger ferries, and the operation of transport ferries (for vehicles and passengers) across seven diverse routes connecting various cities and governorates in the Eastern Region, while the Opportunities Project will contribute to the development of maritime sites and destinations in particular, and tourist destinations in the region in general, by providing multiple transportation options and services for tourists and residents on the islands and in coastal areas, and by increasing tourism activity and recreational development.
It is worth noting that the Eastern Province Development Authority is working to establish the necessary programs, frameworks, procedures, and incentives to encourage private-sector participation in achieving development goals through its role in economic development and stimulating investment in the region, in addition to its other tasks, which include formulating general policies, preparing comprehensive strategic plans, studies, and blueprints for the region, prioritizing projects, and implementing indicators to improve and measure urban performance, as well as coordinating and harmonizing efforts with regional development agencies.
