Ras Al-Khair Special Economic Zone Lures Investment with International Partnerships in Maritime Industry and Offshore Cluster
2024年7月16日 - 5:48PM
ビジネスワイヤ(英語)
The new special economic zone offers the MENA
region’s largest shipyard and a significant maritime hub, backed by
the Saudi government and major industry players Aramco, Lamprell,
Bahri, and Hyundai Heavy Industries.
The Ras al-Khair Special Economic Zone (SEZ) leverages
partnerships with major maritime players and has secured backing
from the Saudi government to attract global investments.
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Ras Al-Khair Special Economic Zone
Investment with International Partnerships in Maritime Industry and
Offshore Cluster (Photo: Business Wire)
The largest shipyard in the MENA region
The King Salman International Complex for Maritime Industries
and Services aims to be both the largest shipyard in the MENA
region and the most technologically advanced. The shipyard will
focus on shipbuilding, repair, offshore rig fabrication, and
repairing, utilizing modern technologies like AI, IoT, and
renewable energy sources. Additionally, a fully integrated offshore
cluster aims to localize the end-to-end offshore supply chain.
Four key entities have been established within the SEZ to meet
the region’s growing demand for maritime applications:
- International Maritime Industries (IMI), a joint venture of
Aramco, Lamprell, Bahri, and Hyundai Heavy Industries (HHI).
- Saudi Engines Manufacturing Company (MAKEEN), a joint venture
of Aramco, HHI, and the Saudi Arabian Industrial Investments
Company (Dussur).
- McDermott Arabia Company Limited, fully owned by McDermott
International.
- Aramco-Baosteel steel plate plant, a joint venture of Aramco
and Baoshan Iron & Steel Company Limited.
IMI has already secured offtake agreements totaling US$10
billion over 10 years with partners Aramco and Bahri, for the
delivery of 20 rigs and 52 vessels, covering at least 75% of
Bahri’s commercial vessel needs over the period.
Competitive incentives for international investors
Investors in Ras Al-Khair SEZ will play a crucial role in
driving Saudi Arabia’s ambition to develop a state-of-the-art
Maritime and Offshore Cluster, contributing to the localization of
end-to-end supply chains and establishing a docking hub for
regional ship repairs and maintenance.
The SEZ offers a range of competitive incentives for investors,
including a 5% corporate income tax for up to 20 years, 0% customs
duties deferral for goods inside the zone, 0% withholding tax for
profit repatriation abroad, and 0% VAT for intra-SEZ goods
exchanged within the zone and between zones. These incentives are
designed to attract both local and international investors,
enhancing the SEZ's appeal as a business-friendly environment.
Ahmed M. Hassan, CEO of Ras Al-Khair City for Mining Industries,
emphasized, “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. Local and foreign investors will
not only gain access to the largest and most technically advanced
shipyard but also the materials needed to build the maritime
capabilities of the future.”
Connected hub to foster regional growth, create 80,000
jobs
The SEZ benefits from its strategic location next to Ras
Al-Khair Port, the Kingdom’s newest industrial port, and is
connected to the KSA North-East Rail link and King Fahd
International Airport. This connectivity facilitates efficient
movement of goods and personnel, further enhancing the SEZ’s
attractiveness.
The development of the SEZ and King Salman International Complex
for Maritime Industries and Services is integral to Saudi Arabia’s
Vision 2030, aimed at diversifying the Kingdom’s economy. Saudi
Arabia’s economic growth has been robust, with a cumulative 7.2%
increase since Q4 2019, and unemployment rates dropping below 5%.
The SEZ aims to reach a maritime industry target value of US$14
billion annually and create over 80,000 direct and indirect
jobs.
“Projects like Ras al-Khair are spearheading the Kingdom’s drive
to become a global investment destination by developing a modern,
sustainable maritime and logistics powerhouse,” said Eng. Ahmed
Hassan, (RC CEO of RCMI)
To learn more about Ras al-Khair, follow/visit:
https://www.raksez-info.com/en/
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Contact an investment advisor or request additional information
via raksez.info@RCJY.gov.sa