Saudi Arabia's Tabuk region has a $13 billion investment opportunity: Al-Falih
RIYADH: Investment opportunities in Saudi Arabia's Tabuk region are currently estimated at SR50 billion ($13.3 billion), according to Khalid Al-Falih, the kingdom's investment minister.
In a meeting organized by the Tabuk Chamber and Tabuk Municipality, Al-Falih elaborated that these opportunities have been demonstrated in the investment platform in Saudi Arabia. As reported by the Saudi Press Agency, the ministry is collaborating with the chamber to explore new investment opportunities in areas such as renewable energy, agriculture, tourism and entrepreneurship. Other promising sectors include petrochemicals, education, and biotechnology.
Tabuk is undergoing significant transformation and is home to some of the state's most innovative projects and substantial investments. The area aims to become a major tourist destination along the Red Sea.
In a post on X, Al-Falih shared: “During my visit to Tabuk today, I had the honor of meeting with His Royal Highness the Amir and His Highness of the region. I learned about their aspirations to invest in the region's development and its unique competitive advantages. We have also discussed the possibilities and strategies to attract national and foreign investments.
He continued: “I attended meetings with the Mayor of Tabuk, President of the Tabuk Chamber, officials and investors. We discussed marketing investment opportunities, addressing challenges, and reviewing the progress of several projects and exploring opportunities for expansion, especially in relation to mega projects in the region. .”
Officials stressed that encouraging and supporting the private sector in Tabuk is a priority to increase regional investment. They also highlighted the role of Tabuk Airport in promoting economic activities and emphasized the need to expand it to support national development and big projects.
The Tabuk Chamber of Commerce pointed out several challenges faced by regional investors, including high production and transportation costs, lack of railway infrastructure, limited flight options and insufficient investment data.
To address these issues, Imad Al-Fakhri, president of the Tabuk Chamber of Commerce, proposed several initiatives, including the organization of an international investment forum. Other suggestions include partnering with the Ministry of Investment for market opportunities, attracting investors to tourism projects, setting up industrial complexes and storage facilities, creating a logistics zone at the entrance of NEOM connected to Oksagan port, increasing flight options and improving economic data availability. .
Mayor Husam Al-Youssef said the Ministry of Investment is committed to creating a cohesive investment framework for Tabuk, focusing on tourism, entertainment, complementary industries, renewable energy, and logistics support.
Tabuk is also enhancing its urban landscape through various revitalization projects. These efforts include the planting of approximately 2.1 million seasonal flowers and 14,500 shade trees, which now adorn the city's parks and main streets.
