Saudi Arabia has invited investors for projects on its Eastern coastline in tourism and other sectors with a combined value of 6 billion Saudi riyals ($1.6 billion), a newspaper reported on Monday.

The Eastern Region’s Secretariat (municipality) is offering the projects with a set of incentives that include contract leases of up to 50 years, the Arabic language daily Aliqtisadia said, quoting Secretariat officials.

The projects are located on “Nisf Al-Qamar (Half Moon) Bay” and are the largest to be offered by the government in that area, the report said.

Spreading on an area of more than 3 million square metres, the projects cover tourism, sports, amusement, infrastructure, health and marine facilities.

The paper quoted a Secretariat statement as saying incentives for investors also comprise low bank guarantee from investors of 25 percent of the lease value and tax exemption of up to 10 percent of the contract value.

(Writing by Nadim Kawach; Editing by Anoop Menon)