Kuwaiti Investors have signed two investment contracts with the Eastern Province Municipality in Saudi Arabia to set up entertainment centres and a commercial mall.
With a value of SR340M, or $90.6M, the projects aim to support the Eastern Province’s tourism, entertainment, culture, education, health, sports, environment and privatisation sectors. They also seek to enhance spending efficiency and diversify non-oil revenues in line with the Kingdom’s Vision 2030.
Speaking at the signing ceremony, Eastern Province Governor Prince Saud bin Nayef, said: “Attracting investors from outside the kingdom indicates that the Eastern Province possesses an attractive infrastructure for establishing investments that contribute to advancing development and creating job opportunities for the sons and daughters of the country in line with the Kingdom’s Vision 2030.”
Eastern Province Mayor Fahad Al Jubeir signed the contracts on the Saudi side. He said: “These projects will contribute to a qualitative shift in the level of recreational and tourism elements and economic activities, and the participation of Gulf investors confirms the attractiveness of municipal investment and the confidence of investors in the Kingdom’s economy.”
