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Saudi Arabia’s Jazan Attracts over $8Bn in New Investments

Jazan City for Basic and Transformational Industries (Jubail and Yanbu Company)
Jazan City for Basic and Transformational Industries (Jubail and Yanbu Company)
TT
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Saudi Arabia’s Jazan Attracts over $8Bn in New Investments

Jazan City for Basic and Transformational Industries (Jubail and Yanbu Company)
Jazan City for Basic and Transformational Industries (Jubail and Yanbu Company)

The two-day Jazan Investment Forum 2023, held in the Jazan region in southwest Saudi Arabia, witnessed the signing of agreements and memoranda of understanding exceeding $8 billion dollars on its first day.

This event, sponsored by Crown Prince Mohammed bin Salman, sheds light on the investment climate in the region and promotes promising opportunities.

Prince Mohammed bin Nasser, Emir of Jazan region, inaugurated on Wednesday the activities of the forum.

He declared that “the forum aligns with the wise leadership’s support for the region’s development and its rapid qualitative leap in projects, bolstered by major initiatives and investment incentives.”

Prince Mohammed emphasized the logistical role of the Jazan City port for basic and transformational industries, serving as an economic icon by supporting factories and projects in Jazan.

He stated that one of the city’s features is that it witnessed the export of the first commercial shipment of locally manufactured alloy steel to the US.

Prince Mohammed also pointed out that the new King Abdullah International Airport will be completed by the end of 2024.

He also reviewed the projects of the Public Investment Fund (PIF) such as the Saudi Coffee Company, Saudi Downtown Company, and the Red Sea Global Company.

These initiatives underscore the region’s commitment to economic diversification and sustainable growth.

Moreover, Saudi Arabian Oil Co. (Saudi Aramco) is investing more than SAR90 billion in Jazan region, according to Downstream President Mohammed Al-Qahtani.

In his speech at the forum, Al-Qahtani stated that the most prominent of these investments include the development of infrastructure for Jazan City for Primary and Downstream Industries, and the establishment of Jazan refinery, one of the world’s largest refining projects, to process more than 400,000 barrels per day of oil, as well as a power plant.

The integrated Jazan Refinery and Petrochemical Complex will produce vanadium concentrate, a metal associated with the clean energy industry sector, he added.

The company also began exporting diversified and high-value products, ranging from gasoline, diesel, and chemicals to more sustainable electric power, Al-Qahtani said.

He further explained that Aramco implemented one of the largest projects of its kind in the world to generate electricity in Jazan using gasification and integrated gasification combined cycle (IGCC).

The project has a production capacity of 3,800 megawatts of electricity to meet the refinery's needs, in addition to local industries, homes and commercial facilities in the region.

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