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  • 02-04-14

    Saudi eyes international investors for USD19 b project

    (MENAFN) Saudi Arabia plans to work on attracting major international companies to invest in Jazan region, according to Arab News. The project will be for a new industrial city worth USD 19.99billion in Jazan. The Kingdom will also offer facilities including soft loans worth 75 percent of the project cost. The kingdom has already received a number of international companies which agreed to establish factories in pharmaceuticals, iron and steel, cement, tires and copper in the city. Prince Turki bin Mohammed Nasser, director of international trade at the Ministry of Commerce and Industry, said: "The main attraction of this Jazan project is that if major companies are ready to invest and transfer their technology, the government will pay them 75 percent of their project cost in soft loans for 20 years."

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