RIYADH: Saudi Arabia’s Hail region has launched 23 new investment opportunities for the first quarter of 2025, aiming to accelerate economic growth, boost private sector participation, and enhance service quality.
The Municipality of Hail unveiled various projects spanning residential, commercial, and service sectors. Among them are 11 sites earmarked for mixed-use residential and commercial developments, the Saudi Press Agency reported.
The plans include vehicle service centers, cafes, and commercial kiosks. They also feature a park, an educational facility, and a retail shop alongside an educational complex and a fuel station.
The initiative aligns with the Kingdom’s Vision 2030 strategy, designed to diversify the economy, empower the private sector, and improve urban living standards.
“These investment opportunities aim to meet the needs of the local community by providing advanced services that contribute to enhancing economic growth and attracting investments,” said Saud bin Fahd Al-Ali, assistant secretary for media and institutional communication at the Municipality of Hail, as quoted by SPA.
He emphasized the municipality’s commitment to helping investors, stating that they are providing “all necessary facilities and support to investors, with the aim of enhancing the investment environment in the region and achieving comprehensive and sustainable economic development” as part of efforts to align with the Kingdom’s Vision 2030.
He also encouraged local and international investors to visit the “Foras” platform to explore project details and learn how to apply.
The push comes as Hail emerges as a growing hub for business and tourism. The region welcomed more than 1.1 million visitors in the first half of 2024, including 170,000 international tourists. According to the Ministry of Tourism, over 907,000 of those arrivals were domestic travelers.
The surge in tourism has fueled demand for hospitality services, with licensed accommodations in Hail now offering around 2,600 rooms. This expansion supports the Kingdom’s broader efforts to strengthen tourism infrastructure and attract global visitors.
Hail is also set to become the fifth destination developed by the Saudi Tourism Investment Co., known as ASFAR — a Public Investment Fund-owned entity tasked with advancing tourism and leisure projects across the Kingdom.
Prospective investors can visit the “Foras” platform for application procedures, underscoring the municipality’s push to cultivate new business ventures and drive long-term regional development.
Source: www.arabnews.com