By Innovation-sa on October 25, 2018 in News
Saudi Arabia revealed plans to establish a Special Economic Zone (SEZ) at King Khalid International Airport in Riyadh to attract more foreign investment to the country, the Saudi Press Agency (SPA) reported.
SEZ, the first of its kind in the world will focus on integrated logistics and will have its own set of simplified rules and regulations to attract multinational companies to the Kingdom.
A royal decree has already been issued to approve the regulations of the Integrated Logistics Bonded Zone (ILBZ) and the General Authority for Civil Aviation has been assigned its establishment and operation as the zone governing body.
The ILBZ is in line with the plans of Vision 2030 to bring in more foreign investment into various sectors in the Kingdom, such as ICT, tourism and financial services. This ILBZ concept and regulations were developed in close collaboration with prospect anchor tenants, reflecting the new way of doing business in Saudi Arabia, where the private sector, both local and international, are considered true partners in success.
Arab News– 22 October 2018