Saudi Arabia’s economic cities and zones sign MoUs worth over SAR 27Billion

Saudi Arabia’s economic cities and zones sign MoUs worth over SAR 27Billion

ALBAWABA - The Saudi Authority for Private Economic Cities and Zones announced the signing of memorandums of understanding (MoUs) between the private economic cities of Ras Al Khair, Jazan, King Abdullah Economic City, the Cloud Computing and Information Technology Private Economic Zone, and international investors. The total value of these agreements exceeds SAR 27 billion (USD 7.2 billion) at an exchange rate of USD 1 = SAR 3.75.

The Saudi Authority revealed through its official Twitter account that the new announced investments during the Investment Forum in the private economic cities of Saudi Arabia amounted to over SAR 27 billion. These investments were made in partnership with the Saudi program for attracting regional headquarters of global companies.

The Saudi Authority for Private Economic Cities and Zones announced that the four new private economic cities recently launched by Crown Prince and Chairman of the Council of Ministers, Prince Mohammed bin Salman, have obtained official licenses. These cities include the first Cloud Computing Economic Zone in King Abdulaziz City for Science and Technology in Riyadh, in addition to the economic cities of King Abdullah Economic City, Ras Al Khair, and Jazan.