A set of Kuwaiti firms have pledged to invest $90.6 million in the Eastern Province Municipality in Saudi Arabia to set up entertainment centers and a commercial mall, reports say.
The investments are part of two deals signed with governor of the province Prince Saud bin Nayef.
The financial infusion will reportedly support the Eastern Province’s tourism, entertainment, culture, education, health, sports, environment, and privatization sectors.
They equally seek to enhance spending efficiency and diversify non-oil revenues.
“Attracting investors from outside the kingdom indicates that the Eastern Province possesses an attractive infrastructure for establishing investments that contribute to advancing development and creating job opportunities for the sons and daughters of the country in line with (Kingdom’s Vision 2030),” the governor said during the signing ceremony.
“These projects will contribute to a qualitative shift in the level of recreational and tourism elements and economic activities, and the participation of Gulf investors confirms the attractiveness of municipal investment and the confidence of investors in the Kingdom’s economy,” he added.
Kuwait investors to inject $90.6m in Saudi Eastern Province Municipality to promote tourism, leisure, sports
