Special Economic Zone for Riyadh airport
22 / 10 / 2018
Saudi Arabia is to open a Special Economic Zone focusing on integrated logistics in King Khalid International Airport in Riyadh.
The Integrated Logistics Bonded Zone (ILBZ) has been assigned to the General Authority for Civil Aviation (GACA) and Saudi Arabian General Investment Authority (SAGIA) and is part of the Kingdom’s Vision 2030 to become a global hub connecting three continents.
Its services are tailored for multi-national companies, supporting a wide range of activities, including warehousing and fulfilment, inventory management, maintenance and repairs, staging, testing and assembly.
SAGIA Governor, Ibrahim Al-Omar, said that this represents a significant opportunity for multinational companies to enhance their operations, efficiency and market reach: “This ILBZ concept and [special] regulations were developed in close collaboration with prospect anchor tenants, reflecting the new way of doing business in Saudi Arabia, where the private sector – both local and international, are considered true partners in success.”
The Kingdom hopes that, by serving as a unified hub in which companies can engage in these activities and access a vast network of transportation corridors by air, land and sea, the ILBZ will enable the Kingdom to become regional and eventually a global logistics hub, playing an increasingly central role in world trade.