A contract to establish Al-Oqair Development Company with a capital of SR2.7 billion ($720 million) was recently signed in Al-Oqair. Prince Sultan Bin Salman, Chairman of the Saudi Commission for Tourism and Antiquities (SCTA), and Prince Saud Bin Naif, Emir of the Eastern Province, were among those who attended the ceremony held at Al-Bandariya Palace.
The company will undertake development of 15 km Al-Oqair seafront project on a total area covering 100 million square meters. Several government organizations and agencies, including ministries of water and electricity, municipal and rural affairs, and commerce and industry, as well as SCTA, and several citizens are contributing to develop Al-Oqair as a major tourism destination in the Eastern Province. Last year, the Council of Ministers had allocated SR1.4 billion for the development of Al-Oqair region for tourism purposes. Of this amount, SR 1 billion was appropriated for the delivery of electricity and SR400 million for the provision of water and sanitation.
Al-Oqair beach would be ready to receive a large number of tourists by 2016 after completion of the infrastructure and development projects. Total public investments in the seafront tourism project are expected to exceed SR 34 billion.
On the occasion of the inauguration of the project, Saudi Minister of Commerce and Industry Dr. Tawfig Fawzan Alrabiah pointed out that the project at Al-Oqair coastal city will be of a significant addition to the Saudi economy, as it will make a quantum leap in the Saudi tourism-related sector, through widely opening the domain for industrial as well as commercial investments, support small and medium size entrepreneurs, to contribute in building a solid and diversified economy, calling 2 on businessmen to invest in the project to take its advantages.
He said that it will attract a great number of investment opportunities, locally, regionally, Gulf-wide and internationally.
Furthermore, it will provide entrepreneurs with more opportunities, creates thousands of new jobs for the nationals, hence became a contribution in diversifying sources of the national income and a powerful tributary to the sustainable growth of the Saudi economy.
He hailed the great efforts exerted by the Saudi Tourism and Antiquities Commission to make Al-Oqair project a success, supporting and investing in the local tourism sector.
The Saudi Gazette