The Eastern Province Municipality has attracted 50 investors from 17 countries through more than 91 investment contracts, with total investments exceeding SAR 7 billion, SPA reported. The municipality said this is part of its efforts to improve the investment climate and support private-sector participation in line with Saudi Vision 2030 and the strategies of the Ministry of Municipalities and Housing.

Municipality spokesman Faisal Al-Zahrani said the investors include nationals of Gulf, Arab, Asian, European and American countries. Contract terms range from 5 to 25 years, offering a variety of investment models to suit different projects.

He said the municipality generates investment revenues of more than SAR 2 billion a year, and more than 95% of its assets are now invested, through opportunities covering 18 activities.

Al-Zahrani said the incentives offered to investors include faster licensing and approvals, contract terms of up to 50 years, grace periods of up to 10% of the contract duration and a bank guarantee reduced to 25%, giving investors more flexibility in designing their projects.

He added that the investments support the local economy, create jobs and draw more investors from inside and outside the Kingdom, and that the municipality will continue to develop its facilities and incentives to make doing business easier.