Arab News, Thu, Apr 04, 2024 | Ramadan 25, 1445
Al-Baha, Eastern Province municipalities now offering over 1,000 investment opportunities
Saudi Arabia:
Investors can now access over 1,000 opportunities in sectors, including tourism,
across the Al-Baha and the Eastern Province municipalities, according to the
Saudi Press Agency.
The borough of the southwestern region of Al-Baha
has presented a total of 1,088 acquisition prospects, both permanent and
temporary, throughout the district, the SPA report noted.
Additionally, in collaboration with the Sharqia
Development Authority, the Eastern Province municipality has introduced an
opportunity to establish, develop, operate, and invest in Saihat Lake as a
tourist and recreational park.
The Al-Baha municipality has disclosed the
identification of over 1,000 investment sites between 2023 and the initial
quarter of 2024, with the number of municipal incubators reaching 31.
Saleh Shaiban, deputy mayor for investment for
Al-Baha, clarified that these prospects are designed to involve the private
sector, including investors and entrepreneurs, in municipal funding ventures and
to enhance the capital operations of the region in alignment with Saudi Vision
2030.
He added that their approach to attracting funding
interest to the region has been instrumental in drawing prominent local and
global business.
Moreover, the Al-Baha municipality invited
interested investors and entrepreneurs to take advantage of investment
regulations and incentives, such as contractual periods of up to 50 years and
exemption periods to support investors, which can reach up to 10 percent of the
contract duration.
It added that these advantages also include a 25
percent reduction in bank guarantees for the tender value.
The municipality noted that information on
business opportunities can be accessed via the digital portal or the
Forsah platform.
The Eastern Province municipality, on the other
hand, emphasized that the lake opportunity encompasses the establishment of
recreational, tourist, and sports projects, along with restaurants and cafes.
According to the Saudi Press Agency, the lake area
spans over 600,000 sq. m., with a construction ratio capped at 5 percent. This
restriction is intended to offer extensive space for visitors and park
attendees.
The mayoralty also highlighted that the project
incorporates a range of supportive activities in line with the Saudi Green
Initiative. Furthermore, it emphasized that the contract could extend up to 25
years as an incentive for investors.
These schemes are part of the municipalities’
ongoing efforts to stimulate economic activity and enhance regional development.
They also aim to improve the urban landscape, develop waterfronts, and enhance
tourism and entertainment attractions.