The Eastern Province inked investment agreements worth SAR 600 bn in a bid to boost the region’s economy and develop the local tourism, health, marine, and manufacturing sectors, state news agency SPA reports.

The agreements include:

  • Developing an entertainment and tourism city at Dammam’s Saihat Lake;
  • Developing green spaces and walkways across a 625k sqm area;
  • Establishing a specialized center for mental health and addiction in Khobar;
  • Upgrading infrastructure at a 2.4 mn sqm area in Dammam Industrial City.

What we don’t know: The agreements were signed with a group of unnamed local and Thai contractors. No additional details were provided on the investment breakdown on a per-project basis, or timelines.

Eastern Province is on an investment spree: The Hafar Al Batin Investment Forum lastmonth saw the signing of seven agreements worth a total of SAR 17 bn across key sectors. This came as the Eastern Province Development Authority launched an integrated investment plan targeting SAR 47 bn in inward investments, contributing SAR 11 bn to GDP and creating 60k new jobs in the region.

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