The Royal Commission for Jubail and Yanbu (RCJY) has signed investment and construction agreements worth over 1 billion Saudi riyals ($266.06 million) with several investors in Jazan City, state-owned news agency SPA reported.

Over 660 million riyals worth of investment agreements were signed with several companies, including Public Investment Fund-owned Saudi Coffee Company, to develop and build a coffee processing factory.

RCJY signed an over 300 million riyals agreement with United Feed Co. to build a grain and animal feed factory.

An agreement was signed to develop a residential complex to accommodate 7,000 people at a total value of more than 145 million riyals.  A deal was signed to build 320 housing units at an investment of over 143 million riyals.

The two residential projects will cover 250,000 square metres, the SPA statement said.

The RCJY will invest 400 million Saudi riyals in developing the city’s infrastructure, which will create more than 300 direct and indirect jobs.

(Writing by D Madhura; Editing by Anoop Menon)