- New Eligibility Criteria Certificates for Tharawat Alqata Industries Company and Automotive Solution Company for Logistic Services (MASARAT Mobility Park) to operate in KAEC Special Economic Zone demonstrate growth in the automotive and logistics clusters.
- Major agreement sealed with Saudi Post (SPL) that will enhance logistics services within Special Economic Zones and create benefits for businesses investing.
RIYADH, Saudi Arabia, Oct. 15, 2024 /PRNewswire/ -- The Economic Cities and Special Zones Authority (ECZA) today revealed three significant announcements to coincide with the inaugural Global Logistics Forum (GLF).
Reshaping the global map of logistics, GLF marked a key moment for ECZA to award two new Eligibility Criteria Certificates, along with the confirmation of a partnership with Saudi Post (SPL) that will enhance logistics services for investors across Saudi Arabia's Special Economic Zones (SEZs).
The Eligibility Criteria Certificates, which have been issued to Tharawat Alqata Industries Company and to Automotive Solution Company for Logistic Services (MASARAT Mobility Park) will see both companies set up facilities in King Abdullah Economic City Special Economic Zone (KAEC SEZ).
These certificates, and the investment they will enable, demonstrate the continued growth of the automotive cluster in KAEC SEZ. Investors in the cluster, a priority growth sector for ECZA and Saudi Arabia, include leading automotive brands such as Lucid, Ceer, Hyundai and Pirelli. It is expected that these keystone automotive businesses will contribute at least US$8 billion annually to Saudi Arabia's GDP by 2034, creating thousands of jobs in the process.
ECZA's new partnership with SPL is the first of multiple strategic partnerships ECZA has sealed with other public sector entities in Saudi Arabia. The partnership with SPL will lead to the development of a new addressing system that will ease the conduct of business for investors within SEZs. Additionally, the partnership will lead to the creation of bespoke incentives for businesses in SEZs.
Commenting on these major announcements, ECZA Secretary General, Nabil Khojah, said: "Since the launch of the four new Special Economic Zones in 2023, ECZA has been working tirelessly to secure new investment into the zones and to more closely integrate with our government partners.
"Theannouncements ECZA has made here at the Global Logistics Forum are demonstrations of the business and cluster transformation ECZA is accelerating. These two new Eligibility Criteria Certificates will bring investment into KAEC SEZ's automotive cluster, a priority sector for ECZA and the Kingdom.
"The partnership between Saudi Post and ECZA will enhance logistics operations within SEZs, streamlining services and enhancing the already attractive proposition for investors looking to do business in Saudi Arabia's SEZs."
Saudi Arabia's SEZs, which were launched in 2023, are strategically located, with KAEC SEZ and Jazan SEZ along the Red Sea, and Ras Al-Khair SEZ on the Arabian Gulf, acting as a unique gateway between three continents. This allows companies to set up operational bases across different SEZs in the Kingdom, facilitating resilient supply chains and access to new markets.
ECZA continues to work to grow foreign investment into the SEZs, contributing to the creation of A Thriving Economy, a key pillar of Saudi Vision 2030.