Industry ministry mulls over SAR 50 bln investment projects in Jazan: Alkhorayef

Minister of Investment Bandar Alkhorayef

Investments in Jazan are concentrated in a group of mega projects that are important in order to establish an industrial base for subsidiary industries to be launched, Al Ekhbariya TV reported, citing Minister of Industry and Mineral Resources Bandar Alkhorayef.

Alkhorayef said that there are projects under study worth investments of more than SAR 50 billion.

Operations of the Jazan port is considered a qualitative leap for the industrial zone, as the ministry hopes to attract investments concentrated in the food and mining industries in the coming period, he added.

The minister also stressed that Jazan port is an opportunity to facilitate the import of raw materials, especially for basic industries, and for export as well, in addition to being an incentive for existing firms, and means of attracting investment.

With regards to localization, he stated that the outlook in the industry and mineral resources system is to focus on sectors that have specific jobs for male and female citizens, away from traditional jobs or technologies that depend on cheap labor.

Alkhorayef pointed out that the plan for the short-term is to continue the replacement process and enhance capabilities and training, in addition to the agreement with the Ministry of Human Resources for an alignment between the needs of the industrial sector needs and providing opportunities.

There is an independent strategy for localization of products, he highlighted, indicating that the ministry operates on it as a system and a group of products have been set as priority to go into effect for attracting investments.

According to data compiled by Argaam, Alkhorayef said, on Feb. 15, that Jazan City for Primary & Downstream Industries (JCPDI) currently has investments worth over SAR 85 billion. Also, Royal Commission for Jubail and Yanbu (RCJY), represented by JCPDI, signed an agreement for the operation of Jazan Port with a specialized foreign port operator.