Riyadh: The Public Authority for Special Economic Zones and Free Zones (OPAZ) yesterday signed a memorandum of understanding (MoU) with Economic Cities and Special Zones Authorities in the Kingdom of Saudi Arabia (KSA) in the field of economic and investment development.
The MoU seeks to optimise the competitive advantage of cities and special economic zones by setting a general framework for joint activities and developing capabilities between the two sides in a manner that achieves mutual benefits.
The MoU was signed by Dr. Ali Masoud Al Sunaidi, Chairman of OPAZ, and Nabil Mohammed Khoja, Secretary General of the Authority for Special Economic Cities and Zones in Saudi Arabia.
The MoU will pave the way for the finalisation of detailed studies and plans for the "Integrated Economic Zone in Al Dhahirah Governorate" and joint investments in economic zones.
Under the terms of the MoU, the two sides will exchange expertise and information on exemptions and incentives offered by cities and special economic zones.
The MoU also provides that the two sides shall hold training courses, seminars, workshops and conferences on their respective areas of specialty and exchange visits to zones of relevance.