Jafza to develop Saudi Arabia logistics hub
Jafza International has signed a Memorandum of Understanding (MoU) with Rakisa Holding for the development and management of Rakisa Economic City in Saudi Arabia.
The ambitious project, which is valued at approximately US$8 billion, is being developed as a logistical superhub in the Northern city of Hail and will include an international airport, dry port, railway station and business centre.
"Our strength is in studying, evaluating, validating, assessing, developing, managing, operating and investing in special economic zones and logistics parks," said Salma Hareb, CEO of Jafza and Economic Zones World. "The MoU on the Rakisa Economic City is one more step towards our aim of setting up a global network of economic zones."
Under the agreement, both parties will explore investment opportunities to jointly develop Rakisa Economic City in the future. The project is being completed in seven phases over the next 40 years and will eventually house more than 300,000 people and provide 55,000 jobs.
"The MoU is the first step in the establishment of a working relationship and sets out a framework for this relationship between Jafza International and Rakisa Holding to jointly develop the Rakisa Economic City," said Abdullah Taibah, CEO of Rakisa Economic City.