EEC signs MoU with SAUDI EXIM and ECZA

As part of Emaar, the Economic City’s (EEC) ongoing efforts to boost the investment environment and promote the growth of exports in King Abdullah Economic City (KAEC), it has signed a Memorandum of Understanding (MoU) with the Saudi Export-Import Bank (SAUDI EXIM) and Economic Cities and Special Zones authority (ECZA) to provide export financing, guarantees, credit insurance, and other facilities to the tenants of the Industrial Valley located at KAEC.

The MoU was signed at Bay La Sun in KAEC on 3 February by H.E. Eng. Saad Alkhalb, CEO of SAUDI EXIM; Mr. Assim Al-Suhaibani, Chairman of EEC and Mr. Nabil Khojah, Secretary-General of ECZA. Under the agreement, SAUDI EXIM will support the tenants of KAEC’s Industrial Valley through its wide-ranging financing products and services and credit opportunities. The unique advantages offered by SAUDI EXIM’s products and services will enable investors of the Industrial Valley to boost their exports in line with Saudi Arabia’s efforts to increase its trade exchange volume. In addition, by bridging the financing gaps for exporters and reducing their risks, the agreement also seeks to enhance the confidence in Saudi exports on a global level and facilitate their entry into new markets.

Commenting on the MoU, Cyril Piaia, Chief Executive Officer of EEC, said: “We are delighted to partner with SAUDI EXIM and ECZA to offer exciting export opportunities to the investors of the Industrial Valley through competitive financing and insurance products that enable them to explore new opportunities and expand to new global markets. As one of the key focus areas of KAEC in addition to leisure and tourism, the Industrial Valley plays a major role in the strategies aimed at strengthening the economic city’s position as a fast-growing business destination with world-class facilities and an investor-friendly environment. We are proud of KAEC’s growing importance as a vision-ready platform that supports the projects and initiatives of Vision 2030, and this agreement underlines our commitment to the National Investment Strategy objective to raise the share of non-oil exports in the nation’s GDP from the current 16% to 50% by 2030.”

His Excellency Eng. Saad Al-Khalb stated that the MoU supports SAUDI EXIM’s ambitions to expand its partnerships to develop and diversify Saudi exports and improve their competitiveness. By providing financing and credit guarantee services for Saudi non-oil exports, the bank hopes to reach customers who are eligible for financial and advisory services, enabling them to take advantage of the benefits and expertise offered by the ECZA, the main supervising body of the Kingdom’s economic cities. SAUDI EXIM’s financing products and services will complement the guidance and data provided by ECZA to targeted companies and factories as part of its efforts to achieve the goals of economic cities, including capital localization and attracting foreign investments. The bank will play a key role in supporting the Kingdom’s development plans through competitive investment incentives that support private sector exports and help create an attractive investment environment in economic cities.

Al-Khalb added that SAUDI EXIM also aims to benefit from the marketing capabilities of EEC, the main developer of King Abdullah Economic City and the entity overseeing the Industrial Valley companies, allowing the bank to introduce its superior credit and financing services to establishments and investors besides sharing data and providing them with the forms and documents required to avail the services. In addition, SAUDI EXIM’s services and products will be promoted through ECZA’s conferences and events and direct access to Industrial Valley customers.

The Secretary-General of ECZA, Nabil Khojah, said: “The agreement between EEC, ECZA and Saudi EXIM marks a new step in ECZA’s endeavors to regulate Saudi Arabia’s economic cities through strategic partnerships and projects across the public and private spectrums. It is in line with our mandate, which includes the administrative and financial supervision of economic cities to achieve the Kingdom’s objectives in terms of localizing capital and attracting foreign investments. The agreement also enhances our contributions to the realization of the nation’s development plans by providing competitive investment incentives to the private sector, as well as creating an attractive investment environment and facilitating the easy issuance of licenses for the various activities in the economic cities.”

Over the years, KAEC has evolved as a leading investment destination of Saudi Arabia and a major socio-economic enabler of Saudi society, under the supervision of ECZA and led by its master developer EEC. The King Abdullah Port and the Industrial Valley at KAEC offer distinct advantages that support its continued growth and enhance its reputation as a thriving center for urban living, tourism, and industries. The new partnership enhances KAEC’s attractiveness as a one-of-its-kind investment hub and is significant to its aspirations to evolve as a Economic Zone with a vibrant business environment characterized by ease of doing business, enhanced export opportunities, and investment attractiveness.