Eastern Province signs $1.35bn investment deals at Cityscape Global 2025

19/11/2025 03:54 AST

Saudi Arabia's Eastern Province Municipality signed 14 investment and development deals, including memoranda of understanding worth over SR5 billion ($1.35 billion), during its participation in Cityscape Global 2025 in Riyadh.

The signing ceremony, overseen by Eastern Province Mayor Fahad bin Mohammed Al-Jubair, featured several strategic investment agreements for high-profile projects, according to the Saudi Press Agency.

The deals reflect the municipality's efforts to attract local, Gulf, and international investors, underscoring the Eastern Province's growing appeal as a destination for private-sector-led development, enhanced quality of life, economic growth, and job creation for Saudi citizens.

The agreements included contracts to establish and develop mobile vendor incubator sites under the "Roaming Seller" initiative, in partnership with Princess Nojoud bint Hathloul Al Abdulaziz, general supervisor of the Street Vendors Support, Empowerment, and Development file at the Ministry of Municipalities and Housing, and the Economic Families Association.

An investment contract was also signed with Center3, a subsidiary of Saudi Telecom Co., to establish digital data centers supporting digital transformation and technological infrastructure for smart cities.

The deals further include investments in entertainment, tourism, and retail projects in Half Moon Bay with local, Gulf, and European investors. These involve amusement parks in partnership with a Kuwaiti investor and the launch of the first outlet shopping complex in the Eastern Province.

A soon-to-be-announced flagship project in Half Moon Bay will bring together Saudi, Gulf, and British partners to develop a global outlet featuring more than 100 international brands, amusement parks, children's play areas, a themed "Last Exit" food park, art and fashion academies, multi-use facilities, and a mini-golf course.

The project is expected to significantly boost the region's tourism and entertainment sectors.

Additional agreements include developing coastal resorts and open beaches to meet Blue Flag environmental standards, alongside air pollution monitoring stations and carbon credit initiatives to support sustainability.

Tourism resorts in Al-Khafji Governorate were also agreed upon with Gulf investors. MoUs were signed with GCC Lab Co. for Technical Services to study inspection and certification mechanisms and with the Saudi Technology and Security Comprehensive Control Co. to digitally manage construction waste, contributing to improved quality of life and regional economic growth.

An agreement between a local recycling company and GIB Capital was signed to finance the company's environmental projects with the municipality, focusing on renewable energy production.

Another investment deal was finalized for the management and operation of Marjan Island Resort on Dammam Corniche, supporting tourism, entertainment, and luxury hospitality.