KSA to set up first special economic zone in Riyadh

A royal decree has been issued to approve the regulation of the “Integrated Logistics Bonded Zone (ILBZ)”. (Shutterstock)
Updated 22 October 2018
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KSA to set up first special economic zone in Riyadh

  • A royal decree has been issued to approve the regulation of the “Integrated Logistics Bonded Zone (ILBZ)”

JEDDAH: Saudi Arabia announced the establishment of a special economic zone (SEZ) on Sunday, the Saudi Press Agency reported. The zone, the first of its kind in the world, will be developed in Riyadh.
It will focus on integrated logistics and will enjoy special rules and regulations aiming at attracting more multinational companies to the Kingdom.
A royal decree has been issued to approve the regulation of the “Integrated Logistics Bonded Zone (ILBZ)” and has assigned its establishment and operation to the General Authority for Civil Aviation as the zone governing body. ILBZ is a major step in translating Vision 2030 into action by leveraging Saudi Arabia’s strategic location as the hub connecting three continents, one of three core pillars of the Kingdom’s Vision 2030 announced in 2016.


King Salman to inaugurate key mining, industrial projects

Updated 17 min 26 sec ago
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King Salman to inaugurate key mining, industrial projects

  • The king will visit Waad Al-Shamal City for Mining Industries in the northern borders to inaugurate a number of mining and industrial projects
  • The Saudi Cabinet noted the visit by King Salman to Qassim and Hail, attending citizens’ celebrations as well as his inauguration of a number of development projects

JEDDAH: King Salman will visit the northern regions of the Kingdom next week to inaugurate a number of development projects.
The king will also visit Waad Al-Shamal City for Mining Industries in the northern borders to inaugurate a number of mining and industrial projects, the Royal Court said in a statement on Tuesday.
Also on Tuesday, Saudi Shoura Council Speaker Sheikh Abdullah Al Al-Asheikh announced that the king will inaugurate the activities of the third year of the seventh session of the Shoura Council next Monday. The king will deliver a speech on Saudi Arabia’s internal and external policy.
The Saudi Cabinet on Tuesday also noted the visit by King Salman to the two regions of Qassim and Hail, attending citizens’ celebrations as well as his inauguration and laying the cornerstone of a number of development projects.
This reflects the king’s directives to provide services for all citizens and regions in the Kingdom for the achievement of further growth and development.
The Cabinet also commended the king’s directive to release prisoners and the insolvent in the regions of Qassim and Hail and pay their debts, considering it an extension of his care for insolvent and limited-income citizens.
The Cabinet reviewed the Kingdom’s support for the Palestinian cause, pointing to the Saudi Fund for Development (SFD)’s transfer of the Kingdom’s financial contribution to support the Palestinian Authority’s budget for August, September and October 2018, including an additional contribution totaling $60 million.
The Cabinet reiterated Saudi Arabia’s strong condemnation and denunciation of the bombing that took place in Mosul, northern Iraq; the suicide attacks in the Iraqi capital of Mogadishu and the Afghani capital of Kabul; and the attack in the city of Melbourne, Australia, confirming the Kingdom’s rejection of violence, terrorism and extremism, offering condolences to the families of the dead and wishing the injured a speedy recovery.
The Cabinet reviewed a number of scientific and cultural activities, stressing that the patronage of King Salman of the honoring ceremony of winners of the eighth King Khalid Award is considered an expression of his support for the prize to achieve its humanitarian, social and developmental goals.