RAS-AL-KHAIR-SEZ
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
Board Recognized as a Leader in the Gartner® Magic Quadrant™ for Financial Planning Software for Fourth Consecutive Year4.12.2025 18:14:00 CET | Press release
Fourth consecutive placement reflects Board’s Completeness of Vision and Ability to Execute Board, the leading Enterprise Planning Platform, today announced that it has been named a Leaderin the2025 Gartner® Magic Quadrant™ for Financial Planning Software. This marks the fourth consecutive year the company has been positioned in the Leaders quadrant. The Board Enterprise Planning Platform integrates planning processes across the enterprise, enabling strategic, financial, and operational planning with near-real-time analysis and data sharing. Board’s unified approach to planning has driven strong adoption across financial and operational planning in the manufacturing, consumer packaged goods (CPG) and retail sectors. “We are proud to once again be named a Leader in the Gartner Magic Quadrant for Financial Planning Software,” said Jeff Casale, CEO of Board. “To Board, this recognition reflects our continued commitment to helping organizations unify strategic, financial, and operational p
UAE Unveils $1bn Yemen Energy Rebuild, Signalling New Opportunities for European Renewables and Grid Partners4.12.2025 18:04:00 CET | Press release
The UAE has announced a $1 billion package to help rebuild Yemen’s electricity sector, a move that analysts in Europe say could open new avenues for European renewable-energy firms seeking entry points into high-impact stabilisation projects across the Middle East. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251204476712/en/ UAE unveils $1bn Yemen energy rebuild, signalling new opportunities for European renewables and grid partners (Photo: AETOSWire) According to the UAE’s Ministry of Foreign Affairs, the decision was disclosed during the UAE’s participation in the first Yemen National Energy Conference (YFNEC 2025) recently. UAE’s Ambassador to Yemen Mohamed Hamad Al Zaabi reaffirmed the country’s commitment to advancing sustainable energy in Yemen, addressing longstanding grid challenges and strengthening public–private partnerships to stimulate future investment. The country’s renewed intervention arrives as Europe ac
LambdaTest Elevates Mudit Singh to Co-Founder as the Company Accelerates Its Next Phase of Growth4.12.2025 17:00:00 CET | Press release
Strengthening leadership as LambdaTest accelerates its next phase of AI-powered testing innovation and enterprise growth LambdaTest, a leading GenAI-native quality engineering platform, today announced the promotion of Mudit Singh to Co-Founder. This move recognizes his contributions in shaping the company's growth, strengthening its global brand, and driving product adoption across key markets. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251204685161/en/ Mudit Singh, Co-Founder and Head of Growth, LambdaTest Mudit joined LambdaTest in 2017 and has been instrumental in building the company's marketing engine, product-led growth initiatives, and community programs. Under his leadership as Head of Marketing and Growth, LambdaTest expanded its enterprise footprint, launched high-impact campaigns, and became a trusted partner for thousands of development and QA teams worldwide. "Mudit has been part of LambdaTest's story since
Rigaku Launches XTRAIA MF-3400, a Measuring Instrument for Next-generation Semiconductors4.12.2025 16:00:00 CET | Press release
High-precision wafer measurement meets surging demand from AI and data centers Rigaku Corporation, a global solution partner in X-ray analytical systems and a group company of Rigaku Holdings Corporation (headquarters: Akishima, Tokyo; CEO: Jun Kawakami; hereinafter “Rigaku”) has launched the XTRAIA MF-3400, an instrument used in semiconductor manufacturing processes to measure the thickness and composition of wafers. The XTRAIA MF-3400 will significantly enhance productivity in the rapidly growing semiconductor market by enabling high-accuracy evaluation of materials essential for mass production of next-generation memory chips and high-speed AI devices. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251204537975/en/ XTRAIA MF-3400 As generative AI and data centers continue to expand, demand is rising for high-performance, energy-efficient semiconductors capable of processing vast volumes of data. Consequently, semiconducto
Energy Vault Secures Swiss Market Entry with Signed B-VAULT™ Deployment Contracts for Schindler and Energie Wettingen Projects, Launch of FlexGrid Product for Urban and Utility Applications4.12.2025 15:20:00 CET | Press release
Energy Vault signs two B-VAULT™ contracts in the Swiss market for projects with Schindler Aufzüge AG and Energie Wettingen, marking the launch of Energy Vault’s B-Vault™ FlexGrid program designed for commercial and industrial (C&I) customersSwitzerland is a cornerstone of Energy Vault’s European strategy, with the company moving decisively to expand its presence with multiple projects per year as part of a broader European growth strategyIntegration with CKW’s Flexpool flexibility market set to enable participation in frequency regulation, voltage control, and reactive power marketsThe Schindler FlexGrid-enabled B-VAULT system is operating and qualified by Swissgrid Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the "Company"), a global leader in grid-scale energy storage solutions, today announced its formal entry into the Swiss market with the launch of FlexGrid, a product designed for C&I customers based on a new configuration of its B-VAULT battery energy storage syste
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