King Abdullah Economic City: Under the patronage and in the presence of the Chairman of the Economic Cities and Special Zones Authority (ECZA) and the Minister of Investment H.E. Eng. Khalid Al Falih, Singapore’s Ambassador to the Kingdom of Saudi Arabia H.E. Mr. Wong Chow Ming along with several Singaporean businessmen and representatives of Singaporean investment companies visited King Abdullah Economic City (KAEC). During the two-day visit, the delegation toured KAEC’s most important landmarks and facilities and learned about the advantages of investing in the economic cities and special economic zones. The delegation was welcomed by ECZA Secretary-General Mr. Mohanud bin A. Helal and KAEC CEO Mr. Ahmed Linjawy, along with senior officials from ECZA, KAEC, and the Ministry of Investment (MISA).
Commenting on the visit, Helal stated: “We are proud to host H.E. Eng. Al Falih and the Singaporean delegation and we are using this opportunity to showcase our regulatory incentives and enablers that can attract value-adding foreign investments. Such investments contribute to the diversification of the economy and the provision of quality jobs for Saudi youth, which serves the fulfillment of the objectives of Vision 2030.” He noted that the unique business model in the economic cities is based on strategic partnerships and the complementary roles of the government, represented by ECZA, and the private sector, represented by the master developers.
Mr. Linjawy expressed his happiness at the visit of H.E. Eng. Al Falih and the delegation, and the efforts of MISA in attracting quality investments to the Kingdom and diversifying the sources of economic growth. “This visit confirms KAEC’s status as one of the most important development projects and one of the leading investment destinations on the Red Sea coast. Thanks to its strategic sectors, today KAEC has become one of the enablers of economic development, keeping up with the aspirations of the ambitious Vision 2030 by increasing the flow of quality local and foreign investments and increasing the percentage of local content,” he said, adding, “KAEC holds promising prospects for companies and investors, thanks to its advanced and integrated infrastructure as well as its quality services, not to mention its strategic location at the center of international trade and shipping lanes, making it a major supply point for logistics and industrial services.”
The visit included a workshop in the presence of H.E. Eng. Al Falih, Helal, Linjawy, and Mr. Saleh bin Ladin, Chairman of the Ports Development Company – the owner, developer, and operator of King Abdullah Port. During the workshop, the Singaporean delegation learned about the various distinctive investment opportunities KAEC offers its investors. In addition, the delegation visited the port, which is the first privately developed and operated port in the Middle East and one of the fastest-growing ports in the world. The delegation also played golf at the Royal Greens Club, which will be hosting the first women’s golf tournament in the Kingdom this month.
About the Economic Cities and Special Zones Authority
The Economic Cities and Special Zones Authority (ECZA) was established by Royal Decree in 2010 with the mandate to provide full administrative and financial supervision over the economic cities and special zones, including responsibility for regulating, supervising and providing various highly efficient, integrated single-window government services for investors and residents.
Moreover, ECZA contributes to the realization of Vision 2030 by developing initiatives and innovative business models that promote public-private partnerships and support strategic initiatives and efforts to attract quality investments designed to spur the economic cities and special zones and boost their value proposition.
ECZA’s vision is to make Saudi Arabia a globally attractive hub for high-value, long-term investments, based on the values of leadership, integrity, responsibility, partnership and customer-centricity. It is also committed to creating and nurturing attractive social environments that guarantee residents and workers in the economic cities and special zones a high standard of living.
The role of ECZA is integral as a guiding hand for the economic cities and special zones, and an attentive ear that listens to their needs and requirements to better enable them to achieve their objectives of diversifying the kingdom’s economy and creating quality jobs for young Saudi men and women.
© Press Release 2020