RIYADH, SAUDI ARABIA--(Business Wire / Korea Newswire)--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.

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/

View source version on businesswire.com: https://www.businesswire.com/news/home/20240715092806/en/

Website: https://www.raksez-info.com/en Contact Ras al-Khair Special Economic Zone
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This news is a press release provided by Ras al-Khair Special Economic Zone. Korea Newswire follows these editorial guidelines. Ras al-Khair Special Economic Zone News ReleasesSubscribeRSS 라스 알카이르 특별경제구역, 해양 산업 및 해양 클러스터에서의 국제 파트너십을 통해 투자 유치 라스 알카이르(Ras al-Khair) 특별경제구역(Special Economic Zone, SEZ)이 주요 해양 기업들과의 파트너십을 활용하고 사우디 정부로부터 글로벌 투자 유치를 위한 지원을 확보했다. 메나(MENA) 지역에서 가장 큰 조선소 킹 살만 국제 해양 산업 및 서비스 복합 단지(King Salman International Complex for ... 7월 18일 14:10 More News Economy Consulting Heavy Industries Construction Alliance Overseas Ras al-Khair Spec... All News Releases 