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New Saudi Initiative to Boost Industry, Export

New Saudi Initiative to Boost Industry, Export

Tuesday, 23 April, 2019 - 14:15
Part of the signing of MoUs in the industrial valley on Monday, April 22, 2019
Jeddah- Asmaa Al-Ghaberi
The Industrial Valley at King Abdullah Economic City (KAEC) in Saudi Arabia has launched an initiative to accelerate the implementation of construction projects and exports to investors in the valley and attract more local and international investments to the economic city.

CEO of Industrial Valley at KAEC Ayman Mansi said launching the initiative, titled Industry and Export Stimulation, proves the effectiveness of efforts exerted to improve the industrial environment, prompting investors to accelerate their exports to regional markets.

“We aim through this initiative to make the Industrial Valley an important base station and a preferred location for ambitious companies that wish to establish their businesses or expand their activities,” Mansi stressed.

The Industrial Valley, Saudi Industrial Development Fund and Saudi Authority for Industrial Cities and Technology Zones (Modon) signed a memorandum of understanding (MoU) to develop the industrial sector and bolster cooperation and integration among the concerned bodies through developing mechanisms and procedures to provide land producers and industrial loans.

The Industrial Valley also signed an MoU with the Saudi National Industrial Cluster Development Program and Modon to activate the policy of economic diversification and raise the contribution of the industrial sector to the Kingdom’s GDP.

The third MoU, signed between the Industrial Valley and the Saudi Exports Development Authority and Modon,included contributing to raising the rate of Saudi exports and improving the efficiency of the export environment by developing programs, providing incentives to exporters and encouraging Saudi products in the international markets.

“Signing of the memoranda comes within the KAEC’s efforts to develop the business and industrial environments by building strategic partnerships with various public sector and private entities to contribute to diversifying and supporting economic growth and achieving the objectives of the Kingdom's Vision 2030,” said CEO of KAEC Ahmed Linjawy on the sidelines of the signing event.

Linjawy explained that one of the Vision’s main objectives is to rely on the logistics sector and economic zones.

“The support provided to the Economic City by the Custodian of the Two Holy Mosques’ government has become a reality through the signing of agreements and facilities provided by the Kingdom within the integrated system to stimulate industry and exports,” he stressed.

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