Jafza Int’l signs MoU on development of Dh29.5bn Rakisa Economic City
Jafza International, the global free zone operations arm of Economic Zones World today signed an MoU with Saudi Arabia’s Rakisa Holding for the development and management of Rakisa Economic City in Hail, Saudi Arabia.
The Rakisa Economic City, a SR 30 billion (about AED 29.5 billion) project, spread over 15,600 hectares, is envisaged to be the second largest economic zone in the Kingdom of Saudi Arabia, incorporating an international airport, dry port, railway station, agricultural industries and services, an entertainment area, mining centre, business centre, Knowledge Area, and residential complexes.
Mrs. Salma Hareb, CEO Jafza and Economic Zones World said: “Our strength is in studying, evaluating, validating, assessing, developing, managing, operating and investing in special economic zones and logistics parks. The MoU on the Rakisa Economic City is one more step towards our aim of setting up a global network of economic zones.”
Mr. Abdullah J. Taibah, CEO Rakisa Economic City, said: “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.”
Rakisa Economic City will eventually house more than 300,000 people and provide 55,000 jobs in seven phases of development over the next 40 years.
Under the agreement, both parties will explore investment opportunities to jointly develop Rakisa Economic City.