Riyadh, October 2021: In the context of strategic public-private sector integration and efforts to enhance the investment environment in King Abdullah Economic City (KAEC), the Economic Cities and Special Zones Authority (ECZA) signed a memorandum of understanding (MoU) with the SIDF and Emaar, The Economic City (EEC). The tripartite cooperation MoU aims to stimulate the industrial and logistics integration initiative in continuation of the development of the Land and Loan program to attract valuable investments to KAEC’s logistics sector.

The agreement was signed at the Third SIDF Forum for Private Sector Empowerment held by the SIDF under the slogan “Customer Centricity, Sustainability, Localization” at the King Abdullah Financial District in Riyadh. The forum was organized to celebrate the role and achievements of the SIDF and to introduce impending initiatives and programs, in addition to announcing strategic partnerships and new agreements.

ECZA Secretary-General Mr. Nabil Khojah commented: “This MoU is among the initiatives aiming to achieve ECZA’s aspirations and directives in regards to supporting the private sector in economic cities and special zones. It is also a continuation of the incentives proposed to facilitate doing business in KAEC in particular, with the possibility of implementation in other economic cities and special zones in the future.”

He added that the MoU is comparable to a development of the Land and Loan program to help enhance logistics investments in KAEC, which is echoed in one of the main pillars for transforming the Kingdom into a global logistics hub in line with the National Industrial Development and Logistics Program and within the objectives of Vision 2030.

The MoU allows industrial and logistics investors to apply for the Land and Loan product and obtain a financing request from the SIDF, including allocating land for industrial and logistics investment through a unified application and an integrated industrial and logistics package. ECZA handles the offering of government services to all investors, residents, and operators, in addition to finalizing enterprise registration procedures and sharing information with the SIDF and EEC through the Integrated Government Service Center, the Government Service Portal, the Government Integration Channel, and other available channels.

The Land and Loan product strives to motivate investors and save their time and effort by offering financial incentives that include reducing land rental fees, obtaining financing from the SIDF, and reducing financial burdens on industrial and logistics investors, in addition to several procedural incentives that include harmonizing requirements and streamlining procedures.

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 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 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 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.