Riyadh to house Saudi Arabia’s first special economic zone
Saudi Arabia has announced the establishment of a special economic zone (SEZ)
According to the Saudi Press Agency, the zone, the first of its kind in the world, will be developed in Riyadh. It will focus on integrated logistics and will enjoy special rules and regulations aiming at attracting more multinational companies to the kingdom.
A royal decree has been issued to approve the regulation of the Integrated Logistics Bonded Zone (ILBZ)” and has assigned its establishment and operation to the General Authority for Civil Aviation as the zone governing body.
The establishment of ILBZ forms part of a larger effort to attract foreign investment into a number of sectors including ICT, tourism and financial services.
“A significant proportion of global trade passes through the region, making a logistics hub in the kingdom a natural choice for any company seeing to serve international markets,” said Saudi Arabian General Investment Authority (SAGIA) governor Ibrahim Al-Omar.
The ILBZ will offer support for multinationals through warehousing and fulfilment, inventory management, maintenance and repairs, staging, testing and assembly.
ILBZ is a major step in translating Vision 2030 into action by leveraging Saudi Arabia’s strategic location as the hub connecting three continents, one of three core pillars of the kingdom’s Vision 2030 announced in 2016.
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