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Friday, 20 February 2015

Saudi Arabia pushes $10bn JEC port project

Saudi Arabia authorities are eyeing a $10 billion investment to develop a new port and shipbuilding plant in Jazan Economic City (JEC) in the southwest of the country.

“This is a huge project that will cost $10 billion. The new port will facilitate export of products manufactured at the industrial city to Africa and other markets.”” Eyad Al-Aukeli, adviser at the Ministry of Commerce and Industry said in comments to local news agency Arab News.

A two day investment forum is being held next week to attract investors to the project. Officials are particularly keen to attract Chinese companies and Prince Turki bin Mohammed bin Nasser, director of international relations at the Ministry of Commerce and Industry has already met with Chinese Ambassador Li Chengwen to discuss Chinese participation in the project.

The proposed port project would be part of the government’s ambitious $75 billion Jazan Economic City development in the Jizan Province which is focused on expanding the country’s energy and manufacturing industries.

The JEC covers an area of 106 km2, approximately 70 km from Jazan city, a region rich in natural resources. The proposed port will also include establishment of a ship building factory and a hotel.

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