NAJRAN: A major investment forum opened here Sunday entitled “The land of unlimited opportunities”, showcasing the region’s various investment projects.
Prince Mesha’l Bin Abdullah Bin Abdul Aziz, the Governor of Najran Province, announced at the opening ceremony the establishment of the Najran Holding Company for Development and Investment to support economic development and investment in the province.
In his speech, Amr Bin Abdullah Al-Dabbagh, the Governor of the Saudi Arabian General Investment Authority (SAGIA), said that foreign companies will be given incentives to establish projects in Najran Province. If the companies train and employ Saudis then there will be a 50 percent deduction of the costs of training, a 50 percent reduction in costs of research and development, and a 50 percent tax exemption on the value of any capital investment.
He announced the establishment of a Comprehensive Services Center in Najran Province, similar to other centers in the Kingdom’s provinces, to provide services and facilities for the establishment of investment projects.
Al-Dabbagh indicated that SAGIA prepares an index annually to assess the investment and economic competitiveness of various provinces of the Kingdom.
Addressing the forum, Dr. Tawfiq Bin Fauzan Al-Rabeah, Deputy of the Ministry of Commerce and Industry for Industrial Affairs, stressed that the forum was an important opportunity for the development of Najran Province. He said the province is rich in opportunities in the industrial, trade, housing and services sectors and has the skilled manpower to support investment.
He emphasized that the Ministry of Commerce and Industry and Saudi Industrial Property Authority (Modon) have sought to strengthen industry and diversify sources of income by encouraging the establishment of industrial projects and granting the required licenses. The percentage of industrial loans approved in Najran Province has increased to 75 percent of the total funding required for the establishment of industrial projects.
Engineer Sultan Bin Jamil Al-Shaoli, Deputy of the Ministry of Petroleum and Mineral Resources for Mineral Resources Affairs, stressed the importance of the support provided by the Saudi leadership to the minerals sector.
He said that areas rich in gold, silver, granite, limestone, and gypsum have been located, calling on investors to make the province a strategic goal for their investments.
– SPA/Saudi Gazette