CAIRO: Saudi Arabia has allocated an independent annual budget to the Economic Cities and Zones Authority (ECZA), to transform the kingdom into a global hub for high-value, long-term investments, Arab News reported.

The independent budget will allow ECZA to enjoy flexibility and powers that enable it to carry out its tasks.

The authority had also signed with the Industrial Fund and Emaar the Economic City, a tripartite cooperation agreement to activate the industrial and logistical integration initiative.

It will complete the development of the “Land and Loan” programme to attract investments for the city’s logistics sector.