Saudi industrial city giga-project Jazan City for Primary and Downstream Industries (JCPDI) announced on Thursday the signing of several investment and project agreements worth over $267 million.

JCPDI is located on the Red Sea coast in the southwestern Jazan province, and is operated by the Royal Commission for Jubail and Yanbu (RCJY).

The investment agreements have a total value of $176 million, JCPDI said in a press statement. These include:

  • Agreement with the Saudi Coffee Company, a subsidiary of the Public Investment Fund (PIF), to build a state-of-the-art processing plant for coffee products in the food cluster.
  • Agreement with United Feed Company to set up a factory to produce grains and processed animal feed at an investment of $80 million.
  • Agreement with Namariq Arabia Company to develop a residential complex and family housing units with an investment of over $77 million. The projects will be located in the community district of JCPDI.
  • RCJY plans to inject nearly $107 million to further develop JCPDI’s infrastructure and utility network.

Khalid bin Mohammed bin Abdulrahman Al-Salem, the Chairman of the Royal Commission for Jubail and Yanbu (RCJY), said: "Our goal is to make sure that JCPDI is attractive to potential investors. We also want to promote the city as a vibrant place for businesses and communities. The newly signed agreements will generate around 300 new direct and indirect high-quality jobs and contribute to the local GDP."

CEO of JCPDI, Fahd bin Dhaifallah Al-Qurashi, added: "The first investment agreements relate to JCPDI's key strengths: logistics, food processing, and metals conversion. Our agreements with food processing companies are not only an investment opportunity – they also help to achieve national sustainable goals and self-sufficiency in grain products and animal feed."

Overall previous investments in JCPDI exceed $26.7 billion.

(Writing by SA Kader; Editing by Anoop Menon)