Saudi Arabia set economic zone.

Officials said that Saudi Arabia had unveiled its first integrated economic zone to position itself as the region's leading logistics hub and attract foreign investment. For example, apple has agreed to set up its Middle East distribution hub in Riyadh's 3mn sq m economic zone. The ambitions place Saudi Arabia in competition with its smaller Gulf neighbour, the United Arab Emirates, whose tax-free zones, such as Jebel Ali, have made it a hub for multinationals. "Abdulaziz al-Duailej, head of the General Authority of Civil Aviation, said the creation of economic zones and cargo villages was key to "ensure we achieve.

The newly launched economic zone "adds to the long list of generous initiatives aimed at attracting international companies to the kingdom", said Tarek Fadlallah, chief executive of Nomura Asset Management in the Middle East. "The Saudi market is huge, but there are already several attractive economic zones across the region. "Saudi authorities hope their regulatory incentives, in addition to the zone's location in the capital Riyadh, will help attract investors.".

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