Saudi Arabia is inviting major international companies to invest in a new industrial city in the southern Jazan region, offering soft loans worth 75 percent of the project cost. Developed by Gammon Middle East Group, the proposed city is expected to attract investments worth SR75 billion. Shaikh Rafik Mohammed, chairman of Gammon Group has signed an agreement with Prince Turki bin Mohammed Nasser, director of international trade at the Ministry of Commerce and Industry to develop and promote investment in the Jazan economic and industrial city . Gammon will sign agreements with foreign companies. Gammon Group has successfully launched this project which is expected to create around 100,000 jobs in KSA.

Already a dozen well-known companies in UAE , Canada, Malaysia and India have agreed to establish factories in pharmaceuticals, iron and steel, cement, tires and copper in the city . The UAE based Indian Business tycoon Dr. BR.Shetty also signed an agreement worth SR 1 billion pharma project . This I billion plant will manufacture important medicines for cancer , diabetes ,cardiac ailments and other chronic diseases . Sheetys NMC group also intends to establish super speciality hospitals in Jazan and other major cities.

Prince Turki has been authorized by the government to develop the city by bringing foreign investors to build the city’s entire infrastructure facilities such as roads, bridges, commercial centers, power plants, water treatment plants, oil refinery and petrochemical plants. The prince, who is the main partner of Gammon, is also authorized to build plants for automobile industries, all types of tires, IT parks, food processing industries, building materials, hospitals and hotels to make it one of the best commercial cities in Saudi Arabia.

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. The new city will be located close to the seaport, making it easy for companies to export their products . expecting 75 advanced companies to start different industries in the city. it would boost Jazan’s economic development. Gammon will do consultancy as well as marketing for the project. Gammon will work together with Prince Turki to bring investors from India, China ,Europe and other parts of the world. The ionvestors will get the government loan if their projects were found feasible and good for the Kingdom.

Gammon is developing another business center in Rabigh, which involves a capital investment of SR10.9 billion. This is also attractive ongoing project . Saudi Arabia as the most attractive place for investment because of its security and stability. The Jazan project is significant as the Jazan governorate has agreed to provide soft loans worth 75 percent of the project to investors.

Gammon Middle East is currently discussing with more industrial and Free zone development projects around the Globe.

http://www.arabnews.com/saudi-arabia/news/735511
http://www.indianembassy.org.sa/WebFiles/Saudi%20News%20letter%206%204%202014.pdf
http://www.coastaldigest.com/index.php/middle-east/66455-prince-saud-upbeat-on-saudi-indian-ties
http://www.sugaronline.com/news/website_contents/view/1239470
http://www.ft.lk/article/437295/Govt--considering-Saudi-proposal-for-free-zone-in-Polonnaruwa--knowledge-city-in-Valachchenai