Saudi economic city 'ahead of investors target'

CITY PLAN: An artist's impression of Jazan Economic City.

Jazan Economic City (JEC), one of King Abdullah’s main projects to diversify the Saudi Arabian economy, is well ahead of its target of attracting investors, it was revealed on Monday.

The mega project has attracted SR100 billion ($26 billion) from local and international investors since its launch in 2006.

“The JEC has lured investments worth SR100 billion within a time span of two years, well ahead of the 25-year target envisaged at the launch of the project,” Zaidan Mohamed O. Yousef, chief executive officer of MMC Saudi Arabia Co. Ltd, the master developer, said in comments published by Arab News.

“The fast response of investors shows how attractive the JEC project is,” he added.

Jazan, with a population of 1.2 million covering an area of 40,000 sq km, is considered one of the least developed regions in the kingdom.

Despite the global financial crisis and fears of recession, Saudi Arabia has embarked on various development projects, which were evident in the new fiscal budget presented last week by King Abdullah, Yousef added.

He said the city would have an industrial zone, a privately owned oil refinery, a steel cluster, an iron ore trading hub, a palletizing plant, and an aluminum smelter complex and various downstream industries.

In addition to primary and heavy industry, the project will include a multipurpose seaport, power and water desalination plants, a commercial business district, residential areas, hospitals and schools.

A thermal power plant will be built comprising a captive plant for the aluminum smelter and the balance for other industries and the city’s needs.

MMC Ports, SBG and JEC have already signed an agreement to develop the port, which is intended to help the city’s industrial activities.

Yousef said the construction had already begun on the first stage of JEC with the building of a steel plant with a production capacity of one million tons per year.

The residential and commercial zone for the city is expected to be ready by 2013, and work on other facilities such as health care, education, sports and mosques will begin early next year, he added.

“JEC has opened the doors for employment to locals and others as it will create about 500,000 direct and indirect jobs,” he said.

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