During a workshop organized by the Asharqia Chamber Business Council in Jubail
The Eastern Province Municipality reviews promising investment opportunities available to the private sector
The Under-Secretary for Investments and Revenue Development in the Eastern Region Municipality, Eng. Hamdan bin Odeh Al-Aradi affirmed the Municipality’s keenness to offer investment opportunities that are fully in line with Vision 2030, which adopts the principle of partnership with the private sector and thus contributes to achieving the general development of the region and achieving quality of life, with high efficiency. Explaining That the investment projects or opportunities that fall within the municipal real estate are comprehensive for all governorates of the region, and are diverse between tourism and entertainment projects and others.
This came during a workshop organized by the Asharqia Chamber (remotely) represented by the Business Council of Jubail Governorate, yesterday (Monday, 06/21/2021), under the title (Investment Opportunities in Jubail .. Invest in the Eastern Province), as he said that investment development is one of the goals of Vision 2030. Which seeks to nominate three cities from the Kingdom among the top 100 cities of the year through support, guidance, and improvement of quality of life.
He added that one of the most prominent areas of investment provided by the state, which was included in the Municipal Real Estate Disposal Regulation issued by Royal Decree No. 40152 issued on June 29, 1441, and the amendments thereto, which included “items” through which municipal facilities and real estate are transferred from a cost source to A source of revenue by investing it appropriately, according to which the level of the private sector’s contribution to the GDP is raised, sustainable and balanced urban development is achieved, and increasing levels of financial self-sufficiency for state institutions are achieved, as well as the achievement of community partnership in many value-added projects. From an investment point of view and a general social point of view.
Accordingly, he indicated that the contractual terms with investors have been improved under the new regulation, the term of contracts has been increased from 25 years to 50 years, bank guarantees have been reduced from 100% to 25%, and the unpaid time period has been increased from 5% of the contract term. 10%.. stressing that the regulation has stressed the issue of quality to achieve the optimum use of these real estate for society and the economy, as well as a state of flexibility in the issue of leasing and benefiting from real estate so that some real estate can be rented - according to the regulation - on a daily or weekly basis Or monthly, or according to events or events.
He expected that all these changes will occur - God willing - in creating huge investment and economic projects, through which it is possible to create job opportunities with a profitable return, and investment opportunities for enterprises, especially small and medium enterprises, in addition to that these projects provide the community with important tourism, entertainment, and economic projects, In turn, it contributes to improving the quality of life in general, based on the fact that attracting investments creates mobility in the development process, which creates more job opportunities that are reflected in the general situation of society, the economy and the general image as well.
He reviewed several projects adopted by the Ministry of Municipality, Rural and Housing represented by its secretariats and municipalities in the eastern region, which will contribute to achieving a qualitative leap in the tourism and entertainment industry in the region because it is carried out through partnership with the private sector and in cooperation with the ministries, the Eastern Development Authority and the rest of the sectors.
He called on the private sector institutions to take advantage of the available offers that take place in all governorates of the Eastern Province (Dammam metropolis, Khobar, Jubail, Qatif, Dhahran...etc).
The session, which was moderated by Mubarak bin Abdullah Al-Mishal, Chairman of the Asharqia Chamber Business Council in Jubail Governorate, witnessed detailed dialogues focused on the opportunities available to the private sector in Jubail.
