Within its efforts to attract investments to the Special Economic Zones (SEZ) from the widest spectrum of potential investors, the Economic Cities and Special Zones Authority (ECZA) participated in an online investment panel organized by the Saudi embassy in Germany as part of the 2020 G20 Riyadh Summit’s accompanying activities.
Moderated by the Head of Economic Affairs at the embassy, Mrs. Hadeel Alsultan, the panel sought to enter into a dialogue with various groups from the cultural, economic, political, and social spheres in Germany and discuss topics related to investment and doing business in the Kingdom. The session was attended by business leaders from Germany and Saudi Arabia, as well as representatives of the G20 countries. The panel discussion focused on reviewing new investment opportunities for international entities in the Kingdom.
ECZA was represented by its Vice Secretary-General for Special Economic Zones’ Affairs Mr. Wassim Khashoggi, who participated as a panelist alongside the CEO of Siemens Mobility Saudi, Mr. Jean-Pol Mora, the CEO of Allianz Saudi Fransi, Mr. Andreas Brunner, and the Associate International Office Director – Germany at the Saudi Ministry of Investment, Mr. Rakan Algaraawi.
During his segment, Khashoggi demonstrated ECZA’s contribution to achieving the objectives of Vision 2030 by enabling the SEZs to advance their roles in the Kingdom’s development journey. He explained the importance of SEZs and their impact on the national economy, as well as the incentives offered by ECZA to SEZ investors and the targeted sectors in each zone.
He also discussed the business model in the SEZs, which relies on strategic partnership and the integration of roles between the government, represented by ECZA, and the private sector, represented by the SEZ sponsors. ECZA is responsible for supervision and monitoring, studying applications for establishing SEZs, following up on the application of incentives, and government integration, while sponsors work on development, planning, granting rights of use, operation, and management.
Saudi Arabia is hosting the 2020 G20 Riyadh Summit, which will be held virtually from November 21-22. The Kingdom will work with members of the G20 to exchange expertise, enhance global cooperation, and find solutions to the most pressing challenges of the 21st century.