Top officials of the Gammon Group, a leading engineering company, and the Saudi Canadian Business Council (SCBC) have revealed plans to collaborate in implementing mega investment projects in Saudi Arabia, said a report.

Sheikh Rafik Mohammed, chairman of Gammon Group, and Edwin Holder, president of SCBC, announced this after their recent meeting in Riyadh.

They said that the Vision 2030 announced recently would be instrumental in spurring the kingdom’s development momentum.

Holder said Saudi Arabia would soon become one of the most favourite destinations of foreign investors, thanks to the Vision 2030.

He added that plans have been prepared to make big investments in key projects in the country, and talks are underway to tie up with Gammon Group to pump investments into Jazan Economic City and Rabigh projects, and noted that feasibility studies will be carried out in this regard.

Holder said that the Saudi Canadian bilateral relations are excellent and the Vision 2030 will help to further boost the business ties and economic cooperation. He pointed to several agreements between Saudi Arabia and Canada especially in energy, commerce, industry, and higher education sectors.

Gammon earlier signed bilateral entrepreneurship agreement with the Canadian real estate development giant Ideal Developments Inc. Holder arrived in the kingdom along with several other Canadian business leaders in their bid to forge closer trade partnerships with their Saudi counterparts.

Officials of more than 250 Saudi and Canadian firms attended the high profile Saudi-Canadian small and medium-enterprise (SME) business meeting held in Riyadh.

The Gammon Group, with its corporate office in Jeddah, has been assigned to develop the SR75 billion Jazan Industrial City by bringing in foreign investors to build its entire infrastructure facilities.

Major Indian, Chinese and European firms including the pharmaceutical company owned by Dr. B.R. Shetty, leading NRI businessman and Indian billionaire, have already entered into agreements for investing in the Jazan project, added the report.