Saudi Arabia’s Special Integrated Logistics Zone Company (SILZ) has announced the signing of three high-profile Memoranda of Understanding (MoUs) during the inaugural Global Logistics Forum (GLF). 

 

The MoUs will see SILZ partner with leading global and regional companies to further develop “Riyadh Integrated,” Saudi Arabia’s first special logistics zone, contributing to industrial growth, economic diversification, and job creation in the country. Notable developments include:

•SILZ’s partnership with global retail giant SHEIN, who will lease a built-to-suit facility, enabling Saudi Arabia’s logistics capabilities while boosting the country’s role in international supply chains; 

•Collaborating with the King Salman International Airport on developing a best-in-class logistics platform, enhancing Riyadh’s air cargo ecosystem;

•Establishing The White Palm Refinery through a joint venture with Valcambi and Ajlan & Bros to create Saudi Arabia’s first London Bullion Market Association (LBMA)-accredited precious metal refinery, positioning the country in the global precious metals market, expanding its refining capacity and export potential.

 

Streamlining supply chain processes

The agreements focus on streamlining supply chain processes, introducing value-added services, and expanding the country’s capacity to handle global logistics operations. 

 

Dr Fadi Al-Buhairan, CEO of SILZ, said: “We are proud of the significant milestones we have achieved for SILZ and Saudi Arabia’s logistics industry. As a key sponsor of the Global Logistics Forum, the partnerships we’ve secured bring us closer to realizing our Vision 2030 goals. They also demonstrate our unique commitment to developing not just isolated businesses but full value chains that benefit from joint resilience and cost savings.” 

 

With focus on light manufacturing, logistics, trade, and distribution, Riyadh Integrated provides a comprehensive ecosystem and value-added services through a one-stop shop. Investors benefit from innovative incentives, including 50-year tax relief, 0% corporate income tax, VAT and withholding tax exemptions, 100% foreign ownership, and streamlined certifications.--TradeArabia News Service

 

The UAE Steel Producers Committee (SPC) celebrated the opening of its new headquarters in the capital, Abu Dhabi, at Aldar Building.

 

The inauguration ceremony was held in the presence of Juma Al Kait, Assistant Undersecretary of Foreign affairs, Ministry of Economy and Saeed Al Ghafri, the Chairman of SPC, along with senior representatives from the Federation of UAE Chambers of Commerce and Industry (UAE Chambers), the Abu Dhabi Chamber of Commerce and Industry, as well as executive committee members and prominent leaders in the iron and steel sector.

 

Established in 2020, the Steel Producers Committee is a non-profit entity representing steel producers across the UAE, operating under Federal Law No. 22/2000 issued by the UAE Chambers.

 

This inauguration reinforces efforts to develop the national iron industry, which is considered one of the key pillars of the UAE’s economic growth, it added.-TradeArabia News Service

Retal Urban Development Company has announced that its subsidiary Building and Construction Company has signed a contract with Remal Park Fund to implement the skeleton structure works for the Remal Business Court project in Al Khobar city.

 

The estimated value of the contract is SAR166 million ($44.22 million), without any preferential benefits.Remal is 33.33% owned associate of Retal Urban Development Company, the company said in a Saudi Stock Exchange filing.

 

The duration of the contract is 12 months from the effective date of the agreement.

 

The project is expected to have a positive impact on the company's results post the start of the project execution in 2025 and 2026, the company said. - TradeArabia News Service