Saudi approves $336m of projects in Jubail and Yanbu

The Saudi Royal Commission for Jubail and Yanbu has reportedly signed 24 contracts with 16 investors for commercial centres, hotels, residential buildings and other projects worth more than SAR 1.26bn ($335.9m)

Under the agreement, the commission will provide land in the industrial cities of Jubail and Ras Al-Khair to investors, according to Saudi Gazette.

Royal Commission chairman Prince Saud Thunayan said the projects were in line with the country’s Vision 2030 to provide an opportunity for the private sector to contribute to sectors including services and entertainment.

Read: Saudi Arabia approves Vision 2030 reforms

They include commercial centres, hotels, residential buildings, medical clinics, petrol stations and leisure services.

Under the National Transformation Plan, the country had adopted 13 from the Saudi Commission for Tourism and National Heritage worth more than SAR 26bn ($6.93bn).