The Royal Commission for Jubail and Yanbu (RCJY) today signed several investment agreements and construction contracts worth more than one billion riyals with several investors. The signing ceremony was attended by His Excellency Eng. Khalid bin Mohammed Al-Salem, President of the Royal Commission for Jubail and Yanbu (RCJY), in the meeting hall at the RCJY headquarters in Jazan.
His Excellency the President of the RCJY explained that the signed contracts aim to develop the city's infrastructure, increase the gross domestic product (GDP) in the coming years, and strengthen the national industrial system to achieve the strategic objectives of Vision 2030. They also aim to achieve the objectives of the RCJY by providing an infrastructure that contributes to attracting quality investments in the city's targeted sectors, including food industries and mining industries, and creating a vibrant community. This will have an impact on increasing the GDP, creating new direct and indirect jobs, and increasing self-sufficiency in the food industries, grain products, and processed animal feed sectors.
The investment agreements, worth more than 660 million riyals, were signed by Dr. Fahd bin Dhaifallah Al-Qurashi, CEO of Jazan City for Primary and Transformation Industries, with a number of companies, including the Saudi Coffee Company, a Public Investment Fund company, to develop and establish a state-of-the-art Saudi coffee processing plant, and the United Feed Company, to establish a factory for the production of grains and processed animal feed, with an investment exceeding 300 million riyals.
The Royal Commission for Jubail and Yanbu has also invested approximately 400 million riyals in construction contracts and infrastructure development for the city, according to the highest standards. Together, these investments will contribute to the creation of more than 300 direct and indirect jobs.
The agreements include two investment agreements with Namariq Arabia Company to develop a residential complex with a capacity of 7,000 people, with an investment exceeding 145 million riyals. The agreements also include the construction of 320 housing units for families, with investments amounting to more than 143 million riyals, spread across an area of 250,000 square meters for the two projects.
The importance of signing these contracts and investment agreements lies in their strengthening of investment and infrastructure development, their support for the national economy, their empowerment of the private sector, their diversification of sources of income, their expansion of the production base, and the creation of sustainable job opportunities in the region.