The Kingdom of Saudi Arabia implements the ambitious strategies of Vision 2030 to diversify the economy and unlock the potential of non-oil sectors. One of the giga-projects
launched in alignment with Vision 2030 is Jazan City for Primary and Downstream Industries (JCPDI), an industrial city and strategic logistics hub in the southwestern region of the country, on the Red Sea. Today JCPDI announced several investment agreements and projects worth over $267 million. New investments in JCPDI aim to promote the economic diversification of the Kingdom, increase the private sector contribution in the economy and attract new foreign direct investments. Overall previous investments in JCPDI exceed 26,7 billion USD. Khalid bin Mohammed bin Abdulrahman Al-Salem, the Chairman of the Royal Commission for Jubail and Yanbu (RCJY) , stated: "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, Dr. 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".
The investment agreements signed by the CEO of JCPDI, Dr. Fahd bin Dhaifallah Al-Qurashi, have a total value of $176 million. The first agreement was signed with the Saudi Coffee Company, a subsidiary of the Public Investment Fund (PIF). It aims to build a state-of-the-art processing plant for coffee products. Another project in the food cluster of JCPDI includes the establishment of a factory to produce grains and processed animal feed by the United Feed Company with an investment of $80 million.
Another investment agreement was signed 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 heart of the community district of JCPDI. In addition, RCJY plans to inject nearly $107 million to further develop the city's infrastructure and utility network.
