Jazan Emir Prince Mohammed Bin Nasser shares a light moment with Saudi Aramco President and CEO Khalid Al-Falih while releasing the Jazan Historical Photo gallery compiled by Saudi Aramco at the opening session of the Jazan Economic Forum on Wednesday. Also in photo are Petroleum and Mineral Resources Minister Ali Al-Naimi, Prince Sultan Bin Salman, president of the Saudi Commission for Tourism and Antiquities (SCTA), and Prince Faisal Bin Turki. — Courtesy photo Hassan Cheruppa Saudi Gazette
JAZAN – The two-day Jazan Economic Forum (JEC) with the theme of “Investment partnerships” came to a close on Thursday with the unveiling of the southern Jazan region's vast investment opportunities in front of business leaders from various parts of the world who in turn were fully convinced of tapping the huge economic potential by taking advantage of the big incentives offered by the government. Jazan Emir Prince Mohammed Bin Nasser opened the forum at a packed auditorium with more than 500 delegates, including senior officials, executives and business leaders. Speakers at the opening session included Prince Sultan Bin Salman, president of the Saudi Commission for Tourism and Antiquities (SCTA), Saudi Arabian General Investment Authority (SAGIA) Governor Abdullatif Al-Othman, and Saudi Aramco President and CEO Khalid Al-Falih. Saudi Aramco organized the event in cooperation with the Jazan governorate, Ministry of Petroleum and Mineral Resources, SAGIA, Saudi Industrial Property Authority (MODON), and Jazan Chamber of Commerce and Industry. At least 40 senior officials, economists and experts presented papers at eight sessions, highlighting the available investment opportunities in JEC and the opportunities to be offered to the businessmen and the local residents to achieve Jazan's accelerated growth in line with the ruler's vision for a balanced growth of all regions. The forum was a major economic event of its kind taking place after Custodian of the Two Holy Mosques King Salman ascended the throne. Jazan consists of 16 governorates, 40 towns and 4000 villages. Addressing the forum, Prince Mohammed said Jazan is racing against time in achieving accelerated economic growth and development and that was made possible after the government's drive to focus on balanced development of all regions. He called on leading companies and business leaders to come up with more initiatives aimed at boosting economic and commercial development of the region and taking advantage of the available opportunities in various fields. In his speech, Aramco chief Al-Falih said JEC represented building future with forming present partnership while the SAGIA governor said a new investment roadmap for health and transport sectors in the Kingdom will be announced soon. Prince Sultan unveiled plans to establish a Tourism Investment and Development Company in the near future. B. R. Shetty, chief executive officer and managing director of New Medical Center Group of Companies and UAE Exchange, told Saudi Gazette, that his group is keen to take advantage of the vast investment opportunities available in Jazan and other regions of the Kingdom. Shetty earlier announced his plans to invest SR1 billion to build a top quality hospital and Neopharma drug manufacturing plant in Jazan. He told Saudi Gazette that he will pump more investments in the healthcare, education and money exchange sectors. Sheikh Rafik Mohammed, chairman of the Gammon Group, said that his group has received investment offers from several international companies and groups especially those from India, China, Japan, and Korea to make investments in the Jazan Economic City. Prince Turki Bin Mohammed Bin Nasser, director of international trade at the Ministry of Commerce and Industry has been appointed by the Saudi government as the authority to develop the SR75 billion city. The Gammon Group signed in December 2014 an agreement with Prince Turki to develop the city by bringing in foreign investors to build its entire infrastructure facilities such as roads, bridges, commercial centers, power plants, water treatment plants, oil refineries and petrochemical plants. Abdullah Al-Suwaid, undersecretary at Jazan governorate, said the forum was excellent addition to tapping huge investment potential of Jazan region. Ahmad Al-Qunqudi, secretary general of Jazan Chamber of Commerce and Industry, said that major investment opportunities are in the service sector. JEF was aimed at attracting investments, building economically feasible projects catering to the needs of the region and tapping the region's abundant resources, keeping pace with the establishment of JEC and the oil refinery with a capacity for 400,000 barrels per day. The city will be located close to the Jazan seaport, making it easy for companies to export their products. JEF aims at attracting investors to the JEC, which covers on an area of 106 sq. km. The city occupies a strategic coastal location approximately 70km from Jazan City in a region known for its abundant natural resources. JEC would create more than 72,000 jobs over a period of 15 years. Entrusted to Saudi Aramco for its development, the project will be carried out in three phases. Phase 1, which will be completed in 2017, focuses on building smart infrastructure that meets the energy, utilities, and transportation requirements of a diverse industry base, anchored by a multibillion dollar new refinery.
