Kuwaiti investors have signed two investment contracts with the Eastern Province Municipality in Saudi Arabia to set up entertainment centres and a commercial mall, with a value of SR340 million ($90.6 million), said a report.
These projects aim to support the Eastern Province’s tourism, entertainment, culture, education, health, sports, environment, and privatization sectors, reported Asharq Al Awsat.
They also seek to enhance spending efficiency and diversify non-oil revenues, it stated.
Speaking at the signing ceremony, Eastern Province Governor Prince Saud bin Nayef said: "Attracting investors from outside the kingdom indicates that the Eastern Province possesses an attractive infrastructure for establishing investments that contribute to advancing development and creating job opportunities for the sons and daughters of the country in line with (Kingdom’s Vision 2030)."
Eastern Province Mayor Fahad Al Jubeir signed the contracts on the Saudi side.
"These projects will contribute to a qualitative shift in the level of recreational and tourism elements and economic activities, and the participation of Gulf investors confirms the attractiveness of municipal investment and the confidence of investors in the Kingdom’s economy," stated Al Jubeir.
A set of qualitative, exemplary, and pioneering investment projects in partnership with a number of ministries, authorities and sports federations had been launched for the Eastern Province, he added.