Saudi launches world’s most innovative economic zone in Riyadh
Saudi Minister of Transport and Logistics Saleh Al-Jasser, has launched the Special Integrated Logistics Zone in Riyadh.
The zone, which is regarded as the world’s most innovative economic zone, was launched on Monday October 31, 2022.
The launch of the Special Integrated Logistics Zone, a truly integrated special economic zone, was attended by leaders from the global logistics industry, who joined the General Authority of Civil Aviation (GACA).
Spanning three million square meters, the Special Integrated Logistics Zone is strategically located to serve billions of potential customers in easy reach across Africa, Asia and Europe and uses technology designed to streamline the movement of goods, including best-in-class inventory systems optimized for e-commerce, providing direct linkages between investors, suppliers, customs, and government entities.
Speaking on the occasion, Al-Jasser said that the launch of the Special Integrated Logistics Zone is a testimony to Vision 2030 and the relentless support of Crown Prince Mohammed bin Salman for the sector.
“This positioning the Kingdom as a global logistics hub connecting three continents, attracting the largest companies in the world to the Kingdom as our logistics sector is transformed by the National Transport and Logistics Strategy,” he said.
“The Special Integrated Logistics Zone is a vital enabler for Saudi Arabia’s logistics sector because it offers a unique value proposition to multinationals based on enhanced fiscal and regulatory incentives.
It will strengthen Saudi Arabia’s position as the largest, fastest growing market and leading the strategic trading nation in the Middle East and continue Vision 2030’s mission to connect the Kingdom to the world,” said the minister.
As part of the wider transformation of the Kingdom’s logistics sector, by 2030 Saudi Arabia is significantly increasing its cargo capacity to more than 4.5 million tons per annum and increasing the contribution of the transport and logistics sector to national gross domestic product from the current six percent to 10 percent. This will help to fuel business growth, attract inward investment, and increase the sector’s non-oil revenues to about SR 45 billion a year by 2030.
The Saudi Aviation Strategy is investing $100 billion in the Kingdom’s future, creating an unprecedented growth story, the minister noted.
The Special Integrated Logistics Zone is a key enabler of these objectives and the package of incentives and regulatory mechanisms have been developed in consultation with leading international companies to ensure that the Special Integrated Logistics Zone value proposition is unmatched globally.
GACA has designed the Special Integrated Logistics Zone to respond to the needs of the world’s leading international corporations, ensuring that the world’s leading companies can have an ultra-competitive position for their base in the Kingdom.
The Special Integrated Logistics Zone is a fully integrated special economic zone that integrates best practices in regulation, technology, and infrastructure from around the world.