ECZA seeks to create value in Saudi economic cities

King Abdullah Economic City (KAEC) is strategically positioned where the world’s most vital maritime and air shipping routes converge to reach some 250 million consumers in the MENA region.

As part of its efforts to attract added-value investments and introduce the investment opportunities available in the Kingdom’s economic cities and special economic zones, the Economic Cities and Special Zones Authority (ECZA) has participated in the sixth edition of the World Free Zones Organization (WFZO) AICE 2020. ECZA was represented by Secretary-General Mohanud A. Helal at the event, which was held virtually for the first time in its history due to the global COVID-19 pandemic.
Held with the slogan “Value Creation in Free Zones — Building Stakeholders’ Resilience,” the online event sought to help free zone operators, authorities, government officials and private companies work together to create value in free zones for a strong and resilient economy. The virtual conference saw regional and international experts discuss 20 key strategic topics related to the global free zone industry and its future.
Helal participated in a panel discussion on “Public vs Private Sector Dynamics in Free Zones,” during which he said: “As we continue to work on enabling our economic cities to transform the Kingdom into a global hub for high-value, long-term investments, we seek to maximize the impact of special economic zones during their launch.”
“Special economic zones, both industrial and service-based, are all composed of supply chains that integrate by connecting companies to local and global sources of raw materials and consumers around the world,” he added. Helal emphasized the importance of regional collaboration and how this can take place on many different levels, from the alignment of strategies and objectives to the integration of value chains and operations. “Such collaborations will help in establishing a competitive regional ecosystem that can offer additional value for foreign investors and access to bigger markets, as well as the optimization of resources, reduction in costs, and faster deliveries to end-users,” he said.
ECZA undertakes regulatory, administrative, and financial duties and provides government support by building effective public-private partnerships in the Kingdom’s economic cities and special economic zones. Last year, it became a voting member of WFZO, an organization concerned with enhancing the promotion of foreign direct investment and trade, driving innovation and skills development, and creating new jobs and industries through free zones. In 2019, the meetings of the general assembly of the WFZO were held in Spain, where ECZA participated as a voting member for the first time.
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.