More than 240 investment opportunities offered in the Eastern Province
Businesspeople are preparing to seize more than 240 investment opportunities in the Eastern Province, ranging from permanent to temporary, covering an area exceeding 12 million square meters across the region’s cities and governorates. The municipality has put forward a variety of investment models, some of which require technical proposals and qualification criteria to ensure quality investment projects and their quality, as well as the investors" ability to deliver. In addition, more than 20,000 investment assets with a total area exceeding 100 million square meters have been identified, which serve as the foundation for a major investment boom in the Eastern Province.
His Excellency Fahd Al-Jubeir, Secretary of the Eastern Province, explained, that this step is an extension of a series of measures aimed at engaging investors and entrepreneurs in the municipal investment sector and developing the investment ecosystem in line with the Kingdom’s Vision 2030, which has contributed to launching high-quality, pioneering investments and attracting from inside and outside the Kingdom to achieve the Vision’s pillars of a thriving economy and a vibrant society in an ambitious nation.
Contract terms of up to 50 years
The Secretariat reported that contract terms can extend up to 50 years, with exemption periods to support investors lasting up to 10% of the contract term, as well as a reduction in bank guarantees to just 25% of the bid value. It urged investors to review the details of investment opportunities via the municipal investment digital portal and the ”Fursat" mobile app to easily participate in these investment opportunities.
During the current year 2023, the Secretariat also implemented a number of awareness initiatives for commercial establishments, including the placement of barcode stickers to inform business owners of municipal requirements, as well as organizing a number of joint workshops with government agencies for investors in the region to inform them of municipal requirements, listen to their opinions and suggestions, and collaborate with them to overcome challenges and improve the process.
It processed 75,571 valid commercial licenses through the “Baladi” platform, in line with strategic directives to support the entire small and medium-sized enterprise sector, facilitate licensing procedures, identify the obstacles and challenges facing investors, and refer them to the relevant authorities at the Ministry of Municipal and Rural Affairs and Housing for review in accordance with regulations and instructions.
