The deals cover investment in a range of industrial sectors including a deep water port, shipbuilding, as well as steel, aluminium and automotive component production.

Support facilities such as worker accommodation, communications, power generation infrastructure and a hotel have also been signed.

The companies at today’s ceremony included Malaysia’s MMC International Holdings, the Saudi Binladin Group, GIIG International Holdings Company, Saudi Arabia’s Pan Kingdom Invest Company and Telekom Malaysia Berhad.

Jizan Economic City is designed to be a heavy industry hub and is one of six economic cities planned by the Saudi Arabian General Investment Authority (Sagia).

It is located in the southwest of the kingdom near the Yemeni border on the Red Sea coast.