FOR IMMEDIATE RELEASE
Jazan Economic City in Saudi Arabia has a well thought out plan to ensure its long term viability, according to Mohammed Nashar, Executive Vice President, Jazan Economic City. “We have a business strategy that is supported by our financial assumptions and reflected in our operating strategy,” he adds.
A speaker at the marcus evans Infrastructure & Property Development MEA Summit 2012, in Doha, Qatar, 7 - 8 May, Nashar discusses how Jazan Economic City is being planned and what infrastructure and property developers can learn from his experiences.
What is the main purpose of Jazan Economic City?
Develop a city that will become the catalyst of development for the Jazan province in Saudi Arabia, by creating job opportunities via attracting the right local and international investments.
Jazan Economic City has attracted interest from foreign companies. How can Jazan Economic City and other cities attract more foreign investment?
The ease of doing business is the most important factor in attracting foreign investment. The development of Jazan Economic City is governed by the Economic City Authority, which was created by royal decree, so that investors would have one government agency dealing with all of their requirements, including permits and visas. Secondly, giving investors financial incentives, such as tax refunds, and having customised vocational training to support industrial activities also help attract investors. Lastly, the development itself, that includes the right infrastructure for investors’ needs.
What were some unique Jazan Economic City planning requirements? What advice could you give to others planning or building such cities?
The development of the Jazan Economic City has gone through different phases, from the planning, engineering and master planning stages, to checking the financial piece of the puzzle. We are now in the first phase of actual development, with several industrial tenants signing up or starting their operations. We have also started building the infrastructure that is required for existing and future operations.
We are very much demand-driven, which is key for ensuring the viability of Jazan Economic City. We adjust our strategies to global, regional and local variables as much as possible.
How does this ensure long-term value and sustainable growth for investors?
Our business strategy is supported by our financial assumptions and reflected in our operating strategy. What we want to achieve is modelled into our day-to-day operations.
Many people involved in such projects understand the economic environment, but fall short when it comes to integrating them into their business plan. That introduces major gaps that eventually translate into failures.
In recent years, we have all seen the interdependencies between entities and how different industries impacted the world economy. Business plans have to take today’s complex business environment into account as decisions cannot be taken in isolation.
Interview by: Sarin Kouyoumdjian-Gurunlian, Press Manager
For more information, contact: Jennifer Keljik, marketing manager
Tel: +1.312.540.3000 x6592
About the Infrastructure & Property Development MEA Summit 2012
This unique forum will take place at The Four Seasons Hotel, Doha, Qatar, 7 - 8 May 2012. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on fostering development, green building best practices and diversifying project portfolios.
Please note that the Summit is a closed business event and the number of participants strictly limited.
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