Saudi Arabia’s Ras Al-Khair Special Economic Zone (SEZ) mentioned it’s in search of native and international traders to assist increase the Kingdom’s maritime infrastructure.
With an preliminary space of 20 sq. kilometers, Ras Al-Khair SEZ, operated by the Royal Commission for Jubail and Yanbu, is an increasing zone with two focus areas, The King Salman International Complex for Maritime Industries and Services, and the Offshore Cluster provide chain. The SEZ is situated subsequent to Ras Al-Khair Port, the Kingdom’s latest industrial port.
Ahmed M. Hassan, CEO of Ras Al-Khair City for Mining Industries, mentioned, “Ras Al-Khair SEZ is transforming into a key global hub for strategic investments with its rapid growth and unique position at the center of the Arabian Gulf, raising its economic importance in the Kingdom and wider region, but also across the global maritime and Offshore Cluster industries.”
“Local and foreign investors will not only gain access to the largest and most technically advanced shipyard and fully integrated Offshore Cluster in the Middle East and North Africa region but will also find the facilities, and materials they need to build the maritime capabilities of the future. Whether it is building new ships, developing innovative technology and materials, or maintaining, repairing, and overhauling existing vessels such as offshore support ships, jack-up rigs, or very large crude carriers, Ras Al-Khair SEZ offers a globally recognized marine ecosystem in which to facilitate that,” Hassan added.
The SEZ gives direct hyperlinks to the Kingdom’s mines and Ras Al-Khair Industrial Port by way of the KSA North-East Rail hyperlink. In addition, King Fahd International Airport is 2 hours away with connectivity to 43 native and worldwide locations.
It’s anticipated 70% of ships produced in Ras Al-Khair SEZ will provide regional markets. A key three way partnership with the International Maritime Industries (IMI), Saudi Engines Manufacturing Company (MAKEEN), and McDermott is ready to propel the area’s maritime focus, together with shipbuilding, setting up offshore rigs, and performing repairs, and upkeep.
Flexible rules to draw expertise assist to set Ras Al-Khair SEZ aside together with enticing funding incentives, together with a 5% company earnings tax price for as much as 20 years, and a everlasting 0% withholding tax for any income repatriated from the SEZ to abroad nations. There can also be a 0% customs duties deferral for items inside Ras Al-Khair SEZ, and 0% Value Added Tax (VAT) for all items exchanged both inside the SEZ or with different zones.
