Latest news with #Al-AhsaChamberof
Zawya
24-02-2025
- Business
- Zawya
Saudi's Al-Ahsa province offers 59 projects worth $13.3bln
Saudi Arabia's Eastern Al-Ahsa province has offered 59 projects with a combined value of more than 50 billion Saudi riyals ($13.3 billion), a local Arabic language newspaper reported on Monday. The projects were unveiled at the Al-Ahsa investment forum which was held in the province last week with the aim of attracting capital as part of the Gulf Kingdom's Vision 2030. 'Nearly 59 investment opportunities with a total value of more than SAR50 billion were offered during the forum,' Al-Madina newspaper said. The projects cover a wide variety of sectors, including transport, real estate, tourism, services, logistics, farming and industry, it said. It quoted Al-Ahsa Chamber of Commerce as saying in a report that the province has awarded nearly 183 permits for new foreign projects with a value of more than SAR2.5 billion ($666 million). (Writing by Nadim Kawach; Editing by Anoop Menon)
Associated Press
23-02-2025
- Business
- Associated Press
Al-Ahsa Investment Forum 2025 Unveils $3.7 Billion in Investment Opportunities
RABAT, Morocco, February 22, 2025 (EZ Newswire) -- The Al-Ahsa Investment Forum 2025, which concluded on Thursday, showcased investment opportunities exceeding $3.7 billion across various sectors, including tourism, real estate development, transportation and logistics, industry, and agriculture. The event also featured the signing of more than 20 strategic agreements aimed at bolstering economic growth. Now, in its seventh edition, the Al-Ahsa Chamber of Commerce organized the forum in collaboration with the Al-Ahsa Development Authority and Saudi Aramco. Held under the patronage of Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province, the event was attended by Prince Saud bin Talal bin Badr, Governor of Al-Ahsa and Chairman of the Forum's Supreme Committee, along with government officials, industry experts, corporate executives, and investors from both local and international markets. Since its launch in 2003, the Al-Ahsa Investment Forum has become a key platform for promoting regional investment. Al-Ahsa, located in eastern Saudi Arabia, is renowned for its oil and gas reserves, tourism, agriculture, and industrial projects, particularly energy and petrochemicals. The forum is critical in highlighting investment opportunities in the public and private sectors, positioning Al-Ahsa as a leading contributor to Saudi Arabia's economic diversification and energy sector expansion in alignment with Saudi Vision 2030. Al-Ahsa's Agricultural Contributions and Foreign Investment Addressing the forum, Eng. Mansour bin Hilal Al-Mushaiti, Deputy Minister of Environment, Water, and Agriculture, noted that Al-Ahsa contributes 12% to Saudi Arabia's agricultural GDP, which reached $29.9 billion in 2024. He highlighted Al-Ahsa's pioneering achievement as the first Saudi region to attain full water sustainability and efficiency. Additionally, Eng. Ibrahim bin Youssef Al-Mubarak, Assistant Minister of Investment and CEO of the Saudi Investment Promotion Authority (SIPA), announced that 103 foreign investment licenses had been issued in Al-Ahsa, representing a total investment of $666.7 million. He also revealed new investment opportunities worth approximately $13.3 billion, backed by competitive advantages that position the region as a prime destination for foreign capital. In a further effort to attract investors, the Saudi Ministry of Investment integrated Al-Ahsa into the 'Invest in Saudi Arabia' platform—a digital initiative designed to provide investors with streamlined access to projects, advisory services, and insights into the country's business climate. Energy, Storage, and Supply Chain Enhancements As part of the discussions, Eng. Mohammed Al-Ibrahim, Assistant Minister of Energy for Petroleum and Gas Affairs, announced plans to tender an integrated facility for gas and liquefied natural gas (LNG) storage in Al-Ahsa. The project aims to strengthen Saudi Arabia's energy infrastructure, optimize supply chain operations, and enhance storage and distribution efficiency, with expected annual sales of 2 million barrels by 2030. Meanwhile, Saudi Aramco CEO Amin Nasser emphasized the importance of the Jafurah unconventional gas project in Al-Ahsa. Estimated to contribute $23 billion annually to Saudi Arabia's GDP, the Jafurah project is a cornerstone of Aramco's strategy to increase gas production by more than 60% over the next five years. As home to some of Saudi Aramco's largest operational sites, Al-Ahsa is crucial in expanding investment opportunities and creating new jobs. Notably, Jafurah is the largest shale gas field under development in the Middle East, with a projected production capacity of 2 billion standard cubic feet per day of sales gas by 2030, reinforcing Saudi Arabia's status as a key natural gas exporter. King Salman Energy Park (SPARK) and Industrial Expansion Saudi Aramco is also spearheading the development of King Salman Energy Park (SPARK), a state-of-the-art industrial hub. Commenting on its progress, Nasser stated: 'We have completed Phase One of SPARK's development, attracting more than 60 local and international investors with total investments exceeding $3.2 billion, generating over 40,000 direct and indirect jobs.' As Saudi Arabia continues its economic transformation, Al-Ahsa's investment ecosystem is poised to play a pivotal role in its long-term growth and industrial expansion. Media Contact ###
Reuters
22-02-2025
- Business
- Reuters
Al-Ahsa Investment Forum 2025 Unveils $3.7 Billion in Investment Opportunities
RIYADH, Saudi Arabia, February 22, 2025 (EZ Newswire) -- Al-Ahsa, Saudi Arabia – The Al-Ahsa Investment Forum 2025, which concluded on Thursday, showcased investment opportunities exceeding $3.7 billion across various sectors, including tourism, real estate development, transportation and logistics, industry, and agriculture. The event also featured the signing of more than 20 strategic agreements aimed at bolstering economic growth. Now, in its seventh edition, the Al-Ahsa Chamber of Commerce organized the forum in collaboration with the Al-Ahsa Development Authority and Saudi Aramco. Held under the patronage of Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province, the event was attended by Prince Saud bin Talal bin Badr, Governor of Al-Ahsa and Chairman of the Forum's Supreme Committee, along with government officials, industry experts, corporate executives, and investors from both local and international markets. Since its launch in 2003, the Al-Ahsa Investment Forum has become a key platform for promoting regional investment. Al-Ahsa, located in eastern Saudi Arabia, is renowned for its oil and gas reserves, tourism, agriculture, and industrial projects, particularly energy and petrochemicals. The forum is critical in highlighting investment opportunities in the public and private sectors, positioning Al-Ahsa as a leading contributor to Saudi Arabia's economic diversification and energy sector expansion in alignment with Saudi Vision 2030. Al-Ahsa's Agricultural Contributions and Foreign Investment Addressing the forum, Eng. Mansour bin Hilal Al-Mushaiti, Deputy Minister of Environment, Water, and Agriculture, noted that Al-Ahsa contributes 12% to Saudi Arabia's agricultural GDP, which reached $29.87 billion in 2024. He highlighted Al-Ahsa's pioneering achievement as the first Saudi region to attain full water sustainability and efficiency. Additionally, Eng. Ibrahim bin Youssef Al-Mubarak, Assistant Minister of Investment and CEO of the Saudi Investment Promotion Authority (SIPA), announced that 103 foreign investment licenses had been issued in Al-Ahsa, representing a total investment of $666.67 million. He also revealed new investment opportunities worth approximately $13.33 billion, backed by competitive advantages that position the region as a prime destination for foreign capital. In a further effort to attract investors, the Saudi Ministry of Investment integrated Al-Ahsa into the 'Invest in Saudi Arabia' platform—a digital initiative designed to provide investors with streamlined access to projects, advisory services, and insights into the country's business climate. Energy, Storage, and Supply Chain Enhancements As part of the discussions, Eng. Mohammed Al-Ibrahim, Assistant Minister of Energy for Petroleum and Gas Affairs, announced plans to tender an integrated facility for gas and liquefied natural gas (LNG) storage in Al-Ahsa. The project aims to strengthen Saudi Arabia's energy infrastructure, optimize supply chain operations, and enhance storage and distribution efficiency, with expected annual sales of 2 million barrels by 2030. Meanwhile, Saudi Aramco CEO Amin Nasser emphasized the importance of the Jafurah unconventional gas project in Al-Ahsa. Estimated to contribute $23 billion annually to Saudi Arabia's GDP, the Jafurah project is a cornerstone of Aramco's strategy to increase gas production by more than 60% over the next five years. As home to some of Saudi Aramco's largest operational sites, Al-Ahsa is crucial in expanding investment opportunities and creating new jobs. Notably, Jafurah is the largest shale gas field under development in the Middle East, with a projected production capacity of 2 billion standard cubic feet per day of sales gas by 2030, reinforcing Saudi Arabia's status as a key natural gas exporter. King Salman Energy Park (SPARK) and Industrial Expansion Saudi Aramco is also spearheading the development of King Salman Energy Park (SPARK), a state-of-the-art industrial hub. Commenting on its progress, Nasser stated: 'We have completed Phase One of SPARK's development, attracting more than 60 local and international investors with total investments exceeding $3.2 billion, generating over 40,000 direct and indirect jobs.' As Saudi Arabia continues its economic transformation, Al-Ahsa's investment ecosystem is poised to play a pivotal role in its long-term growth and industrial expansion.
