Saudi Arabia allocates independent budget to free zones authority

The authority had also signed with the Industrial Fund and Emaar the Economic City, a tripartite cooperation agreement to activate the industrial and logistical integration initiative

  
The Kingdom Tower is seen in Central Riyadh, Saudi Arabia. Image used for illustrative purpose.

The Kingdom Tower is seen in Central Riyadh, Saudi Arabia. Image used for illustrative purpose.

REUTERS/Peter Macdiarmid
CAIRO: Saudi Arabia has allocated an independent annual budget to the Economic Cities and Zones Authority (ECZA), to transform the Kingdom into a global hub for high-value, long-term investments.

The independent budget will allow ECZA to enjoy flexibility and powers that enable it to carry out its tasks, Sharq Al Awsat has reported.

The authority had also signed with the Industrial Fund and Emaar the Economic City, a tripartite cooperation agreement to activate the industrial and logistical integration initiative.

It will complete the development of the “Land and Loan” program to attract investments for the city’s logistics sector.

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