Monday 21 January 2019

Saudi economic cities' benefits highlighted in US

RIYADH, August 28, 2017

The investment opportunities offered by Saudi Arabia's economic cities and the role of Economic Cities Authority (ECA) were highlighted at a major event in Washington, US, recently.

The US-Saudi Arabian Business Council (US-SABC) meeting, which also discussed cooperation between both the countries, was addressed by ECA secretary general Mohanud Helal.

The meeting focused on leveraging and capitalising on the strong economic ties between the American and Saudi business communities, said a statement.

The event was hosted and organised by Edward Burton, president and CEO of the US-SABC, and the executive team, and sponsored by the renowned international law firm Mayer Brown, represented by Charles Hallab, corporate and securities partner at Mayer Brown and board member of the US-SABC.

Helal gave a brief about ECA, the business model and the investment opportunities in the economic cities, and a video presentation about King Abdullah Economic City (KAEC).

Helal said: “This is a very exciting opportunity to present ECA and the progress that we have made in pursuing the economic cities agenda. It is important that we convey to our colleagues at the US-SABC the opportunities that the economic cities present to leaders in the US.”

He explained Saudi Arabia's Vision 2030 and the role that ECA plays in realising the vision’s goal of creating a vibrant society, a thriving economy and a nation ambitious to achieve new levels of effectiveness, transparency, accountability and performance.

He highlighted the function of ECA as a facilitator and regulator dedicated to creating an investment-friendly environment while providing swift and efficient government services to both investors and residents.

Outlining a new Saudi Arabia set to welcome foreign investment, Helal listed the various international cooperation agreements that it is forging in order to motivate an exchange of expertise and transfer of industries.

He also explained the kingdom’s growing dedication to establishing public-private partnerships as economic policy.

Helal wrapped up his remarks by inviting the US-SABC and its members to visit the kingdom and see opportunities for themselves, highlighting the special economic zones, that will help Saudi Arabia attract more companies to invest in, it stated.

Mike Wysong, chief financial officer, building technologies and solutions and global products at Johnson Controls, spoke about his company’s positive experience with ECA and KAEC and the benefits of moving into KAEC early on. He also encouraged American companies to establish their businesses in KAEC. - TradeArabia News Service

Tags: Saudi Arabia | | US | economic | Cities |

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