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12-06-23

Jazan Economic Zone Attracts Billions in Foreign Investments, Aims to Harness Mining Potential

(MENAFN) Jazan's economic zone is making significant strides in its goal to attract SR11 billion (USD2.93 billion) in foreign investments by 2040. With the offering of unused mining reserves valued at over USD1.3 trillion, the region has positioned itself as an appealing destination for companies looking to tap into the vast potential of the mining sector. This sector is expected to become the third pillar of Saudi Arabia's national industry, further bolstering the country's economic diversification efforts.

The development of Jazan's economic zone is set to create a competitive and integrated hub, providing numerous opportunities for business growth. It is projected that the zone will generate around 17,000 direct jobs by 2040, contributing to employment opportunities and economic prosperity in the region. Situated along the Red Sea coast, the zone benefits from its strategic location, particularly its proximity to the largest export port in Jazan. With 12 berths and a combined capacity of 5 million tons, the port enhances trade capabilities and facilitates the smooth movement of goods.

In addition to its favorable location and trade infrastructure, Jazan offers access to abundant natural resources and raw materials, particularly for the agricultural sector. With an annual growth rate of 9 percent, the agricultural industry stands to benefit from the region's resources, further supporting economic development and food security.

The economic activities in the Jazan region are expected to contribute an estimated SR39 billion to the country's gross domestic product, reinforcing its significance in Saudi Arabia's economic landscape. Moreover, the region serves as a gateway to both Europe and Africa, positioning it as a vital link for trade and investment between these regions. The strong Saudi-Chinese investment partnership also finds solid ground in Jazan, adding to the zone's appeal and potential for mutually beneficial collaborations.

As Jazan's economic zone continues to attract investments and harness its mining potential, it is poised to play a crucial role in driving economic growth, job creation, and regional development in Saudi Arabia.
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