ECZA signs MoU with SIDF and Emaar EC to boost industrial and logistics integration to develop KAEC’s ‘Land and Loan’ program

Riyadh –

As part of the strategic public-private sector integration 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 Saudi Industrial Development Fund (SIDF) and Emaar, The Economic City (EEC). The tripartite cooperation agreement aims to promote the industrial and logistics integration initiative at KAEC to further build on ‘Land and Loan’ program to attract valuable investments to KAEC’s logistics sector.
The agreement was signed at the Third Industrial Forum for Private Sector Empowerment organized by SIDF under the theme ‘Customer Centricity, Sustainability, Localization’ at the King Abdullah Financial District in Riyadh. The forum was organized to celebrate the role and achievements of SIDF and introduce new initiatives and programs, in addition to announcing new strategic partnerships and agreements.
Mr. Nabil Khojah, Secretary-General of ECZA’s, commented: “This MoU is part of initiatives to achieve ECZA’s aspirations and directions with regard to supporting the private sector in the economic cities and special zones. It is also a continuation of incentives to facilitate ease of doing business, particularly in KAEC, with the possibility of further implementation at other economic cities and special zones in the future.”
He added that the MoU aims to develop the Land and Loan program to help enhance logistics investments in KAEC, which is 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 the objectives of Vision 2030.
The MoU allows industrial and logistics investors to apply for ‘Land and Loan’ products and obtain financing from SIDF, including land allocation land for industrial and logistics investment through a unified application and an integrated industrial and logistics package. ECZA will offer government services to all investors, residents, and operators, in addition to finalizing enterprise registration procedures and sharing information with SIDF and EEC through the Integrated Government Service Center, government service portal, government integration channel, and other available channels.
‘Land and Loan’ strives to motivate investors and save their time and effort by offering various financial incentives, including reducing land rental fees, obtaining financing from SIDF, and reducing financial burden on industrial and logistics investors, in addition to several procedural incentives to harmonize requirements and streamline procedures.