The Saudi Arabian government aims to attract foreign investments worth SR75 billion ($20 billion) and create about 100,000 jobs at its Jazan Industrial City, said a report.
The project would change the face of Jazan and accelerate its economic growth, reported the Arab News, citing a senior government official.
Saudi Arabia is the safest place for investment in the world, stated Prince Turki bin Mohammed bin Nasser, the director of international trade at the Ministry of Commerce and Industry, during talks with Indian Ambassador Hamid Ali Rao in Riyadh, Saudi Arabia.
He called upon major Indian industrial giants to invest in the new industrial city, which is being developed by Gammon Group, as "it offers a lot of business opportunities for them."
Highlighting the strong business ties with India, Prince Turki said: "We hope major Indian companies would make use of the opportunity and we are ready to provide them with all necessary support.
“The main attraction of the new industrial city project is that if major companies are ready to invest and transfer their technology, the government will pay them 75 per cent of their project cost in soft loans for 20 years,” he added.
