ABHA: 萝莉视频鈥檚 Asir region has successfully revitalized 95 percent of its previously delayed project, an important milestone that is strengthening investor confidence as the region moves forward with SR29 billion ($7.73 billion) worth of initiatives across various sectors.
In an interview with Arab News, Hashim Al-Dabbagh, CEO of Asir Region Development Authority, stated that a dedicated committee, chaired by Asir Gov. Prince Turki bin Talal, was formed several years ago to tackle long-standing investment challenges that had stalled progress in the region.
鈥淭he total number of cases that have been brought to this committee to address has been 63, all brought to the table,鈥 Al-Dabbagh said.
He continued: 鈥淥f these 63 cases that have been brought to this committee to address and to solve, 60 cases have been solved, and three are in the pipeline right now, and they鈥檙e working on them, and they鈥檙e going to solve them relatively soon.鈥
Of the 60 resolved, 57 were concluded with outcomes that satisfied investors, reflecting a resolution rate of nearly 95 percent.
鈥淭his committee and the work that they have done has created some very positive vibes across the investment ecosystem in 萝莉视频, which you sense in this forum because there are some very large聽investors that are coming to Asir, some coming back to Asir which had not been interested in this region in the past,鈥 Al-Dabbagh said.
The board operates in collaboration with various public and private entities, including ASDA, the Ministry of Investment, the Ministry of Tourism, the Tourism Development Fund, and King Khalid University, ensuring a unified approach to accelerating investor activity in the region.
This resolution mechanism plays a key role in supporting the region鈥檚 development strategy, which focuses on unlocking investment potential across various sectors.
鈥淔irst of all, we have a strategy that drives everything that we are doing,鈥 Al-Dabbagh said.
He added: 鈥淭he strategy has been approved by the center of government, and it says that Asir should be a year-round preeminent destination, so already we know that we need to focus on the tourism sector and complementary and adjacent sectors to the tourism sector.聽That鈥檚 one, and that gives us a lot of momentum in working with the government ecosystem and the private sector.鈥
Al-Dabbagh emphasized that Asir is more than just a tourism destination, noting that it is a vast region in the Kingdom with a population exceeding 2 million people.
鈥淲ithin the Asir Development Authority, we have a whole department called Economic聽Development Department, and they are working diligently this year on sectoral studies across the board.鈥
He added: 鈥淭his includes, obviously, tourism-related sectors, but also other ones, so just as an example, we are looking at sports, we are looking at construction. We鈥檙e looking at fisheries and agriculture. We鈥檙e looking at renewable energy. We鈥檙e looking at mining among聽other sectors.鈥
The authority is also aligning its economic strategy with educational institutions to ensure the region鈥檚 workforce is equipped聽to meet the demands of upcoming sectors.
鈥淲e are working closely with King Khalid University, the TVTC (Technical and Vocational Training Corp.), Bishop University, and other educational institutions to align the strategies and to make sure that their graduates are able to聽find jobs in the opportunities that are going to be realized聽as we realize this strategy,鈥 he said.
On attracting investments, Al-Dabbagh stated: 鈥淲hat I call the investment ecosystem in Asir, it鈥檚 the framework that we use to assess investments, is comprised of three components. The first component is the Invest in Asir committee, and that鈥檚 headed by Prince Turki in his capacity as the chairman of the Aseer Development Authority and includes all the public and private sectors.鈥
He explained that the region offers a compelling opportunity for early movers due to its untapped potential, strategic government backing, and the ability to enter key sectors before they reach full maturity, providing investors with a critical advantage in shaping long-term development.
鈥淎sir relative聽to those mature,聽tourism destinations, offers relatively less mature areas, so when they鈥檙e coming in, they鈥檙e coming in early and聽they鈥檙e going to have a ... not a first mover advantage, but an early mover advantage compared to people that are going to see this place for five years or 10 years down the road when all these incumbents are already on the ground.鈥
Attracting FDIs
Foreign direct investment is also gaining momentum in Asir, with growing interest from global players seeking early opportunities in the region鈥檚 evolving landscape.
鈥淥ne of the speakers in today鈥檚 forum was Fatih (who is managing partner of FTG Development), and they are looking at an investment worth billions in Asir. That is just one example, and foreign direct investors, they look for successful local investors to partner with,鈥 Al-Dabbagh said.
He concluded: 鈥淥ur doors are open. We鈥檙e very happy聽to meet with the investors from anywhere.鈥