RAS-AL-KHAIR-SEZ
16.7.2024 10:49:30 CEST | Business Wire | Press release
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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240715092806/en/
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/
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240715092806/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Americhem Launches nDryve™: PFAS-Free In-Melt Technology Platform for Functional Fibers1.4.2026 13:00:00 CEST | Press release
Americhem, Inc., a global polymer solutions provider, today announced the launch of nDryve™, a PFAS-free, in-melt surface-modifying technology platform designed to deliver durable multi-fluid repellency against alcohol and other low-surface-energy fluids in fiber systems. As global regulations accelerate the phase-out of per- and polyfluoroalkyl substances (PFAS), manufacturers are under increasing pressure to maintain barrier performance without fluorinated chemistries. nDryve™ was developed to address this shift, offering a PFAS-free, in-melt alternative to conventional surface applied treatments. Engineered for Performance Without PFAS Often referred to as “forever chemicals,” PFAS have come under heightened regulatory scrutiny due to their persistence and potential environmental and health impacts. nDryve™ integrates directly into the polymer during melt processing, embedding surface-modifying functionality within the fiber matrix rather than relying on removable finishes. By engin
Biocytogen and Sihuan Pharmaceutical Announce Strategic Partnership in Weight Loss and Beyond1.4.2026 13:00:00 CEST | Press release
Biocytogen Pharmaceuticals (Beijing) Co., Ltd. (Biocytogen, SSE: 688796; HKEX: 02315), a global biotechnology company that drives the research and development of novel antibody-based drugs with innovative technologies, today announced a strategic partnership with Sihuan Pharmaceutical Holdings Group Ltd. (Sihuan Pharmaceutical; HKEX: 00460). Under the agreement, both parties will combine Biocytogen’s leading fully human antibody discovery platform with Sihuan Pharmaceutical’s extensive capabilities in drug development, manufacturing, and commercialization. The collaboration will focus on advancing innovative therapies across multiple disease areas, including weight loss, leveraging complementary strengths to drive synergies and establish a long-term strategic partnership. Sihuan Pharmaceutical highly values the strength of Biocytogen’s technology platforms. In this collaboration, Biocytogen will leverage its integrated platforms, including proprietary target-humanized mouse models and
Huawei, LG Electronics and Nokia Named as Founder Licensors of New Sisvel POS Pool1.4.2026 12:17:00 CEST | Press release
Three world-class innovators are the founder licensors of the new Point of Sale (POS) patent pool, covering 2G to 5G technology, which Sisvel has launched today. Huawei, LG Electronics and Nokia have made their standard essential patents (SEPs) reading on cellularly connected POS devices available through the programme, so simplifying access to the increasingly ubiquitous technology. Early participation incentives for licensors to join the pool are available until mid-May. Other cellular patent owners not currently in discussions with Sisvel are encouraged to get in touch. Ranging from handheld card machines to tablet-based registers, POS devices have transformed customer payment processing. Increasingly, they also offer enhanced capabilities such as inventory management, real-time tracking, advanced analytics and automatic re-ordering. Standardised cellular technology is the critical feature that enables POS terminals to function wherever customers are located. The Sisvel POS programm
Mosaic Therapeutics appoints Dr Vince O'Neill, MD, as Head of R&D1.4.2026 11:11:00 CEST | Press release
- Medical oncologist and accomplished clinical leader brings deep development and industry experience to Mosaic’s Executive Leadership team - Vince will lead research and development for Mosaic’s drug combination programs, including the build-out of the Company’s early pipeline Mosaic Therapeutics, Ltd, (‘Mosaic’, or ‘the Company’) a clinical-stage oncology therapeutics company developing next-generation, Synergistic Precision combination therapies, today announced the appointment of Dr Vince O’Neill as Head of Research and Development (R&D) to support its next phase of growth. “We are delighted to welcome Vince to the Mosaic leadership team at this pivotal stage of the company’s evolution,”said Thomas Fuchs, CEO, Mosaic Therapeutics.“His deep expertise in targeted oncology drug development and diagnostics will be instrumental as we advance our pipeline to bring transformative therapies to patients in need.” Vince is a board-certified medical oncologist and highly experienced biotechno
The AI Summit London Launches Strategic Partnerships with London Business School and General Purpose to Ignite New Era in AI Leadership1.4.2026 09:00:00 CEST | Press release
New One-Day Intensive Experience Offered 9 June Ahead of Conference 10-11 June at Tobacco Dock Featuring 10 Stages and 14 Tracks The AI Summit London, the conference where commercial AI comes to life, has announced strategic collaborations with London Business School and General Purpose to introduce two dedicated AI Training programmes, taking place ahead of the conference on 9 June. Drawing upon the globally recognised expertise in executive education at the London Business School’s Data Science & AI Initiative (DSAI), the one-day AI Leadership Accelerator is a high-impact session designed to equip senior business leaders with the knowledge and tools to unlock real and profitable value from AI. The DSAI at London Business School helps leaders make sense of AI in a way that goes beyond the hype, focusing on what it really means for their organisations, industries, and competitive positioning. Drawing on rigorous, cross-disciplinary research, DSAI provides clear, evidence-based insights
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom