Saudi Arabia's King Abdullah Economic City (KAEC), the largest privately-funded new city in the world, has been granted a licence for the Special Economic Zone, reported SPA.
Situated at the crossroads of global trade routes, the city enjoys direct access to all markets in the Middle East and North Africa region.
Spanning a total area of 60 sq km, the zone will be under the direct supervision of the Special Economic Cities and Zones Authority (ECZA), said the report.
The SEZ's strategic location facilitates the operations of various logistics services and light industries. It is a promising investment environment, offering economic incentives with globally competitive advantages.
The zone benefits from cutting-edge infrastructure, including the King Abdullah Port, the Industrial Valley, and a modern and vibrant community. This community encompasses diverse commercial and social facilities, catering to the needs and aspirations of residents, visitors, and workers in the city, stated the SPA report.
Moreover, the Special Economic Zone focuses on economic sectors such as car manufacturing, consumables, food, medicine, logistics, and associated industries.
It aims to boost domestic output, attract foreign direct investment, generate new employment opportunities, and maximize the Kingdom's exports by hosting a diverse and extensive range of industries, it added.
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