04 Apr 2024
RIYADH: 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.