Medina, Asharq Al-Awsat—The Governor of Medina, Prince Faisal Bin Salman Bin Abdulaziz Al Saud, opened the Medina Investment Forum on Tuesday in a bid to promote investment in the region.
Prince Faisal used the occasions to announce the launch of the Naama Medina Company which will work to develop and promote investment in the Medina Governorate.
“In order to realize Custodian of the Two Holy Mosques King Abdullah Bin Abdulaziz’s economic development vision, we announce the establishment of Namaa which will launch a package of programs to strengthen the role of small and medium enterprises which constitute 90 percent of companies in Medina,” he said.
The governor confirmed the investment board will discuss all issues related to investment opportunities and the investment environment in the region, adding that Namaa will be an independently-managed company owned by the state.
Prince Faisal added that the programs will include initiatives to help young Saudi entrepreneurs.
“We have sought, from the wise experts, and those who love this pure region, to develop programs that contribute in activating the capabilities and energy of the youth in Medina, taking advantage of the trade and investment opportunities in the region to launch their own businesses in order to achieve their ambitions and aspirations,” he said.
The Medina Governor also praised the Saudi government’s ongoing efforts to strengthen partnership with the private sector to boost the national economy, particularly citing the attractive investment environment that has been established in Medina.
Prince Saud Bin Abdullah Bin Thunayan, president of the Royal Commission for Jubail and Yanbu, also delivered a speech during the opening of the Medina Investment Forum in which he praised Prince Faisal’s efforts to accelerate development in the region.
Saleh Al-Rasheed, director-general of the Saudi Industrial Property Authority, delivered a speech on behalf of Saudi Commerce and Industry Minister Tawfiq Al-Rabiah, in which he confirmed that Medina is the fastest growing city in the Kingdom. Rasheed praised the development projects underway in the governorate, citing the expansion of the Prophet’s Mosque, the Haramain High Speed Railway project, the expansion of the Prince Mohammad Bin Abdulaziz Airport, and the development of the Medina Knowledge Economic City.