KAEC — The Economic Cities Authority (ECA) has hosted a delegation from the Dubai Airport Freezone Authority (DAFZA) at King Abdullah Economic City. The delegation, which was led by the Director General of DAFZA, Dr. Mohammed A. Al Zarooni, was welcomed by the Secretary General of the ECA Mohanud A. Helal, alongside a group of ECA executives.

The visit included the signing of a memorandum of understanding between ECA and DAFZA with the aim to attract investments and exchange knowledge, in addition to discussing methods of cooperation in the field of developing and operating special zones in the economic cities.

Dr. Al Zarooni said: "Our cooperation with ECA is part of DAFZA's strategic efforts to create a stimulating environment and an attractive destination for foreign direct investments, well supported by its successful experience over the last two decades in the freezones sector. This MoU contributes to leveraging the strong ties between the UAE and KSA. The two economies have significant capabilities as they are both recognized as the two most powerful economies in the GCC and the Middle East, with clear visionary insights in both countries."

Helal welcomed the DAFZA delegation and said the relationship with DAFZA continues since the visit organized by ECA for DAFZA delegates to tour King Abdullah Economic City earlier this year and also our visit to DAFZA a few months ago.” He added: "This MoU serves to strengthen our relationship with the aim of cooperating with DAFZA in all possible fields in order to contribute to the achievement of our mutual objectives. The visit is an opportunity to exchange views on the working mechanisms and challenges, and strengthen the level of coordination between ECA and DAFZA."

The MoU provides for an exchange of knowledge, best practices and cooperation between both parties through the organization of workshops, meetings and loan programs that focus on the registration laws of companies, offering necessary government services in line with the single-window concept, municipal services, planning, investment development, and special zones in economic cities.

Before the signing ceremony, a workshop on the development and operation of bonded zones was held, discussing best practices in the field of developing regulations for special zones. — SG