On Sunday, the Kingdom announced via the Saudi Press Agency that it will establish a special economic zone (SEZ). The zone will be the first of its kind in the world and its development will take place in no other than, Riyadh.
How different the SEZ will be to other economic zones:
According to reports, the new zone will focus on integrated logistics and it will enjoy special rules and regulations that aims to attract more multinational companies to the Kingdom.
A royal decree, in fact, has already been issued to approve the regulation of the “Integrated Logistics Bonded Zone (ILBZ)” and the General Authority for Civil Aviation has been assigned to handle the establishment and operation as a governing body.
This (ILBZ) is a HUGE step in transforming Vision 2030 into more than words by improving Saudi Arabia’s strategic location as the hub that will connect three continents. This is one of the three main pillars of the Kingdom’s Vision 2030, as announced in 2016.
Arabian Business have revealed that the SEZ will be located in Riyadh’s King Khalid International Airport.