COMMUNICATION: LAUNCH OF THE MOST INNOVATIVE ECONOMIC ZONE IN THE WORLD IN RIYADH (2)

The Special Integrated Logistics Zone was inaugurated on October 31, 2022 in Riyadh by His Excellency the Minister of Transport and Logistics and the General Authority of Civil Aviation.

COMMUNICATION: LAUNCH OF THE MOST INNOVATIVE ECONOMIC ZONE IN THE WORLD IN RIYADH (2)

The Special Integrated Logistics Zone was inaugurated on October 31, 2022 in Riyadh by His Excellency the Minister of Transport and Logistics and the General Authority of Civil Aviation

RIYADH, Saudi Arabia, Oct. 31, 2022 /PRNewswire/ -- Global logistics leaders are in Riyadh today to join Saudi Arabia's General Authority for Civil Aviation (GACA) to celebrate the launch of the Special Integrated Logistics Zone , a truly integrated special economic zone.

The scale of the Saudi market

Spanning 3 million square meters, the Special Integrated Logistics Zone is strategically located to serve billions of easily accessible potential customers in Africa, Asia and Europe, and uses technology designed to streamline the movement of goods, including better inventory systems optimized for e-commerce, providing direct links between investors, suppliers, customs and government entities.

"The launch of the Special Integrated Logistics Zone today is a testament to Vision 2030 and His Royal Highness's relentless support of the sector, positioning the Kingdom as a global logistics hub connecting three continents, attracting the world's largest companies to the Kingdom while our logistics sector is transformed by the National Transport and Logistics Strategy," said Saleh bin Nasser AlJasser, Minister of Transport and Logistics of Saudi Arabia.

"The Special Integrated Logistics Zone is a vital enabler for the Saudi Arabian logistics sector because it offers a unique value proposition to multinationals based on enhanced tax and regulatory incentives. It will reinforce Saudi Arabia's position as the fastest growing largest market and the leading strategic trading nation in the Middle East and will continue Vision 2030's mission of connecting the Kingdom with the world," added Saleh bin Nasser AlJasser, Minister of Transport and Logistics of Saudi Arabia.

As part of the broader transformation of the Kingdom's logistics sector, by 2030 Saudi Arabia is significantly increasing its cargo capacity to more than 4.5 million tonnes per year and increasing the contribution of the transport and logistics sector to gross domestic product national from the current 6% to 10%. This will help drive business growth, attract inward investment, and increase the sector's non-oil revenue to about SR 45 billion ($12 billion) a year in 2030.

Ultra-competitive regulatory approach

The Special Integrated Logistics Zone is a key element in achieving these goals, and the incentive package and regulatory mechanisms have been developed in consultation with leading international companies to ensure that the value proposition of the Special Integrated Logistics Zone is second to none. Worldwide. GACA has designed the Special Integrated Logistics Zone to respond to the needs of major international corporations, ensuring that the world's leading companies can have an ultra-competitive position for their base in the Kingdom. The Special Integrated Logistics Zone is a fully integrated special economic zone that integrates best practices in regulation, technology and infrastructure from around the world.

"Saudi Aviation Strategy is investing $100 billion in the future of the Kingdom, creating an unprecedented growth story. The Special Integrated Logistics Zone is an opportunity to participate early on in Saudi Arabia's rapid emergence as a pre-eminent logistics hub." from the Middle East, and we have put in place regulatory measures to give global companies maximum flexibility when entering the Kingdom," said Saleh bin Nasser AlJasser, Minister of Transport and Logistics of Saudi Arabia.

A single, integrated model that drives value chain efficiency

The unique value proposition of the zone includes advantages in the Value Added Tax on service and manufacturing and assembly, which reduces the cost for multinationals and their external suppliers, who reassemble the products in the zone to its subsequent sale in Saudi Arabia and throughout the MENA region. Ease of doing business has been enhanced by 100% foreign ownership, streamlined incorporation processes, streamlined certification and permitting procedures, and permitted business structures, all of which help to facilitate seamless business.

"The Integrated Special Logistics Zone's best inbound and outbound inventory systems provide direct links between investors, suppliers, customs and government agencies, accelerating processing speed and vendor-managed integrated inventory, which means more flexibility and cost efficiency for investors An investor based in the Integrated Special Logistics Zone can already deliver a product to a customer in four hours, which is a significant time and cost savings compared to delivering a product from anywhere outside the Kingdom," said Awad A. AlSulami, GACA Vice President of Logistics and Special Economic Zones.

"We have developed a product in the Special Integrated Logistics Zone that offers integration at all levels. The integration of thinking, through collaboration, designed with industry leaders for industry leaders and the integration of supply chains, through technology, they provide a seamless and seamless inbound and outbound experience. An innovative approach enables companies to access the Saudi market faster and with benefits at every point in the value chain," continued Awad A. AlSulami .

You can find all the news of the Integrated Special Logistics Zone at www.silz.gaca.gov.sa.

You can find all the news from the General Civil Aviation Authority in the media center on our website.

About the Integrated Special Logistics Zone

The Integrated Special Logistics Zone is the first Special Logistics Zone in Saudi Arabia and has been developed by the General Authority for Civil Aviation (GACA). The zone received its legislative foundation through a Royal Order in October 2018 and integrates best regulatory, technological and infrastructure practices to create the best possible operating environment for multinational companies.

The Special Integrated Logistics Zone is located within the parameters of Riyadh's King Khalid International Airport - connecting businesses with the largest consumer market in the Middle East and offering air connectivity to the rest of the world.

The zone was designed from the ground up with industry leaders, including Apple Inc, for the world's leading supply chain and logistics companies. It is the only integrated logistics zone in GCC that offers Vendor Managed Inventory (VMI) and gives VAT advantages to goods that are temporarily transferred between the mainland and the zone for the purpose of repair, maintenance, after-sales services and services. manufacturing and assembly.

The Special Integrated Logistics Zone has a unique value proposition that goes beyond taxes, allowing tenants to dramatically reduce the time and costs required to deliver goods to Saudi consumers. The zone has the best entry and exit inventory systems that provide direct links between investors, suppliers, customs and government.

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