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Recently Saudi Arabia announced the establishment of a special economic zone (SEZ). The zone, the first of its kind in the world, will be developed in Riyadh. It will focus on integrated logistics and will enjoy special rules and regulations aiming at attracting more multinational companies to the Kingdom.
A royal decree has been issued to approve the regulation of the “Integrated Logistics Bonded Zone (ILBZ)” and has assigned its establishment and operation to the General Authority for Civil Aviation as the zone governing body. ILBZ is a major step in translating Vision 2030 into action by leveraging Saudi Arabia’s strategic location as the hub connecting three continents, one of three core pillars of the Kingdom’s Vision 2030 announced in 2016.
In addition, Saudi Minister of Transport Nabil announced at the Saudi Supply Chain & Logistics Forum that the kingdom will build 10 new logistics zones and open them to the private sector. It is said that the development of the logistics industry depends on a variety of modes of transportation. At present, Saudi Arabia's rapid development of railways, highways, shipping and ports is a great help to promote the development of the logistics industry. The kingdom's logistics industry is currently valued at 65 billion riyals and is expected to reach 70 billion riyals ($18.7 billion) by 2020.
These projects are highly consistent with the development goal of "Vision 2030". Saudi Arabia will make full use of geographical location advantages, vigorously introduce and develop artificial intelligence and innovative technologies, reduce time, transportation and human cost, and build a leading logistics platform in the region and even the world. If you are interested in the supply chain and logistic industry in Saudi Arabia, please feel free to contact us.