Economic Cities&Special Zones Authority, Industrial Fund, Emaar Co-ink 3-Partite Cooperation Accord

The Economic Cities and Special Zones Authority, the Industrial Fund and Emaar the Economic City, have co-signed a tripartite cooperation agreement, to activate the industrial and logistical integration initiative, in order to complete the development of the “Land and Loan” program with the aim of attracting qualitative investments for the city’s logistics sector.

The agreement was signed on the sidelines of the “Meeting of the Third Industrial Fund for Private Sector Empowerment”, which was held by the Fund under the motto: “Customer Central- Sustainability- Localization”, at King Abdullah Financial District, in Riyadh, to celebrate the role and achievements of the Fund.

As well as to introduce the initiatives and programs that will be launched, and to announce strategic partnerships and new agreements.

Secretary-General of the Economic Cities and Special Zones Authority Nabil Khoja stressed that the agreement comes within the initiatives aimed at achieving its aspirations and directions, in supporting the private sector in special cities and economic zones, and to complement the list of proposed incentives to facilitate doing business, in King Abdullah Economic City, in particular, and the possibility of its application in cities and economic zones.

“This agreement is a development of a land and loan program to contribute to enhancing the investment of the logistics sector in the city, which is one of the main pillars of the goal of transforming the Kingdom into a global logistics center, in line with the National Industrial Development Program and Logistics Services within the objectives of the Kingdom’s Vision 2030,” he added.

The agreement signed between the three parties allows the industrial and logistic investor to apply for a land product and a loan, and obtain a financing request from the Industrial Fund, including allocating the land for industrial or logistic investment, through a unified application and an integrated industrial and logistical package.

The authority provides government services to all investors, residents and operators, alike, completes facility registration procedures, and shares information with the Fund and Emaar the Economic City, through the Integrated Government Services Center, the government services portal, the government integration channel or other available channels.

Land and loan product aims to motivate the investor and shorten his time and effort, by providing financial incentives that include reducing land rental fees, obtaining financing from the Industrial Fund, and easing the financial burdens borne by the industrial and logistical investor, as well as a number of procedural incentives that include alignment between requirements and accelerating procedures.