$160 Mn Investment Contracts Signed to Develop Saudi Arabia's Eastern Province

Governor of Eastern Province Prince Saud bin Nayef bin Abdulaziz sponsors the signing and launch of investment contracts and projects. (SPA)
Governor of Eastern Province Prince Saud bin Nayef bin Abdulaziz sponsors the signing and launch of investment contracts and projects. (SPA)
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$160 Mn Investment Contracts Signed to Develop Saudi Arabia's Eastern Province

Governor of Eastern Province Prince Saud bin Nayef bin Abdulaziz sponsors the signing and launch of investment contracts and projects. (SPA)
Governor of Eastern Province Prince Saud bin Nayef bin Abdulaziz sponsors the signing and launch of investment contracts and projects. (SPA)

A number of investment agreements worth over SAR 600 million ($160 million) were signed on Monday between Saudi Arabia’s Eastern Province Municipality and several local and international investors.

The projects are expected to boost the region’s economic, tourism, healthcare and industrial sectors, while improving quality of life.

The signing ceremony was chaired by Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province, who highlighted the strong government support for all sectors, especially the municipal sector.

He stressed the importance of sustainability in projects and improving urban landscapes to enhance quality of life and make the best use of the region’s cultural assets.

The signing of the contracts is expected to positively impact the region, boosting services, tourism, entertainment, marine, healthcare, and industrial infrastructure and creating job opportunities for local youth.

Engineer Fahad Al-Jubair, Secretary of the Eastern Province Municipality, signed the contracts with investors from Thailand and local partners.

The agreements include the development of an entertainment and tourism city in al-Dammam, aimed at bolstering tourism, marine activities and environmental restoration.

Other contracts involve establishing a specialized center for addiction and mental health treatment in Khobar and developing infrastructure in the Dammam Industrial City, which spans 2.4 million square meters to support industrial growth and job creation.

These projects will leverage the region’s advantages, increase its appeal as a tourist and industrial hub, generate job opportunities and diversify the economy, said Al-Jubair.

They will also improve quality of life, boost leisure and tourism activities and demonstrate the trust investors have in the municipality.



Royal Commission for Riyadh City Announces 'Riyadh Creative District'

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Royal Commission for Riyadh City Announces 'Riyadh Creative District'

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

The Board of Directors of the Royal Commission for Riyadh City (RCRC) announced the launch of the “Riyadh Creative District,” a transformative initiative that aims to position the Saudi capital as a global creative and media hub while reinforcing the Kingdom’s leadership in the creative economy.

The new project is set to become a cornerstone in Riyadh’s evolution into a world-class metropolis, integrating seamlessly with the capital’s major development initiatives, reported the Saudi Press Agency on Thursday.

The project aims to foster a thriving ecosystem where creative minds, industry leaders, and emerging talent can collaborate to develop content and new ideas, drive cultural and technological advancements, and contribute to the Gross Domestic Product (GDP).

The Creative District aligns with Saudi Arabia’s long-term strategic vision by emphasizing the role of media, technology, culture and innovation in economic diversification and sustainable growth.

Minister of State, Member of the Council of Ministers, and CEO of RCRC Eng. Ibrahim bin Muhammad Al-Sultan expressed profound appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Royal Commission for Riyadh City, for their continued support of the commission’s projects, which are pivotal in shaping the future of Riyadh and enhancing its global competitiveness.

“The Riyadh Creative District is designed to be a vital extension of the capital’s creative, cultural, and economic landscape, reinforcing the city’s status as a dynamic hub for content creation and innovation. Through this initiative, we are not only establishing an inspiring space for creative industries to thrive, but also providing a gateway for global talent to engage with the Kingdom’s creative economy,” he said.

“This initiative embodies Saudi Arabia’s forward-looking vision to cultivate a knowledge-based society, and develop a globally integrated creative sector that generates sustainable economic and social impact,” he added.

A key milestone in the project’s launch is the signing of a strategic partnership agreement between RCRC and the King Abdullah Financial District (KAFD), ensuring a structured and integrated approach to its implementation. This collaboration is expected to catalyze the expansion of the creative industries in Saudi Arabia, bridging the gap between local and international expertise and fostering cross-sector innovation.

The Creative District is set to redefine the role of creativity in economic development, by offering a dynamic platform that connects designers, artists, entrepreneurs, and technology pioneers. It will serve as an incubator for new business models, cultural enterprises, and digital transformation projects, ultimately reinforcing Riyadh’s position as the regional epicenter for creative excellence.

Beyond GDP contributions, the district will play a crucial role in cultural exchange and community engagement by hosting interactive programs, industry events, and knowledge-sharing initiatives that empower emerging talent and facilitate the exchange of ideas. Its impact is expected to extend beyond Riyadh, influencing the broader Middle East creative ecosystem and elevating the Kingdom’s standing as a destination for investment in the creative economy.

Aligned with the goals of Saudi Vision 2030, the Creative District underscores the Kingdom’s commitment to fostering a globally competitive creative sector, that not only boosts the quality of life but also drives innovation-led economic transformation. By offering a supportive environment for creatives, startups, and established enterprises, the district is poised to shape the future of creative industries in Saudi Arabia, offering new employment opportunities, accelerating digital adoption, and laying the groundwork for a knowledge-driven economy.

With a focus on sustainability and long-term impact, the Creative District will also contribute to Riyadh’s broader urban transformation, integrating smart infrastructure, cutting-edge technology, and sustainable design principles to create an environment where creativity and innovation can flourish. The Creative District will be instrumental in attracting both regional and international investment in the creative industries, ensuring that Saudi Arabia remains at the forefront of global creative and cultural advancements.

As Riyadh continues its journey toward becoming a premier global destination for business, culture, and innovation, the Creative District will serve as a testament to the Kingdom’s unwavering commitment to fostering talent, advancing creative industries, and building a prosperous future driven by ingenuity, collaboration, and forward-thinking policies.