KSA to set up first special economic zone in Riyadh

A royal decree has been issued to approve the regulation of the “Integrated Logistics Bonded Zone (ILBZ)”. (Shutterstock)
Updated 22 October 2018
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KSA to set up first special economic zone in Riyadh

  • A royal decree has been issued to approve the regulation of the “Integrated Logistics Bonded Zone (ILBZ)”

JEDDAH: Saudi Arabia announced the establishment of a special economic zone (SEZ) on Sunday, the Saudi Press Agency reported. 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.


Finance officials meet to map out Saudi Arabia’s budget plans

Updated 19 April 2019
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Finance officials meet to map out Saudi Arabia’s budget plans

  • Finance representatives of 150 government bodies meet for the Budget Forum 2020

RIYADH: Saudi finance chiefs have kicked off a major conference in the capital aimed at mapping out the Kingdom’s budget requirements.
Around 300 specialists representing 150 government bodies met at the InterContinental hotel in Riyadh for the Budget Forum 2020.
Minister of Finance Mohammed Al-Jadaan welcomed delegates to the second edition of the gathering organized by the Saudi Finance Ministry under the slogan “Partnership and Empowerment.”
Al-Jadaan said the ministry was focused on “partnership and commitment,” and sought to share the challenge of developing an effective budget to achieve the Kingdom’s ambitious goals.
“We are also committed to empowering financial leaderships to learn about the ministry’s programs and projects and provide training and qualification opportunities to the best international standards,” he added.
The finance chief said the budget planning process required the collaboration of multiple authorities and a clear strategy based on transparency. 
Items up for discussion at the forum included financial planning in governmental bodies, automation, and the promotion of revenues and efficient spending.
Finance Ministry steering committee chairman, Abdul Aziz bin Saleh Al-Freih, stressed the importance of the forum in getting the ball rolling at an early stage on formulating a general state budget.
Workshops were held on the sidelines of the conference focused on empowering government organizations, and a training program on financial planning and income estimations was also staged.