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King Abdullah Economic City Gets a Special Economic Zone License

Situated at the crossroads of global trade routes, the city enjoys direct access to all markets in the Middle East and North Africa region
Situated at the crossroads of global trade routes, the city enjoys direct access to all markets in the Middle East and North Africa region
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King Abdullah Economic City Gets a Special Economic Zone License

Situated at the crossroads of global trade routes, the city enjoys direct access to all markets in the Middle East and North Africa region
Situated at the crossroads of global trade routes, the city enjoys direct access to all markets in the Middle East and North Africa region

King Abdullah Economic City has been granted a license for the Special Economic Zone, the Saudi Press Agency reported.

Situated at the crossroads of global trade routes, the city enjoys direct access to all markets in the Middle East and North Africa region. Spanning a total area of 60 km², the zone will be under the direct supervision of the Special Economic Cities and Zones Authority (ECZA), SPA said Saturday.

The Special Economic Zone's strategic location facilitates the operations of various logistics services and light industries. It is a promising investment environment, offering economic incentives with globally competitive advantages, SPA said.

The zone benefits from cutting-edge infrastructure, including the King Abdullah Port, the Industrial Valley, and a modern and vibrant community. This community encompasses diverse commercial and social facilities, catering to the needs and aspirations of residents, visitors, and workers in the city.

Moreover, the Special Economic Zone focuses on economic sectors such as car manufacturing, consumables, food, medicine, logistics, and associated industries. It aims to boost domestic output, attract foreign direct investment, generate new employment opportunities, and maximize the Kingdom's exports by hosting a diverse and extensive range of industries.

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.