Prince Mohammad bin Salman bin Abdulaziz, Crown Prince, Prime Minister and Chairman of the Council for Economic and Development Affairs, launched four new Special Economic Zones in Saudi Arabia, in line with his commitment to strengthening the Kingdom’s position as a global investment destination.
The new Special Economic Zones are located in Riyadh, Jazan, Ras al-Khair and King Abdullah Economic City.
Prince Mohammad bin Salman stressed that Saudi Arabia welcomes investors from all around the world to see first-hand the historic opportunities we have to offer.
The new Special Economic Zones, launched today, will significantly impact how business is done in the country, create tens of thousands of jobs, and contribute billions of riyals to our GDP.
His Royal Highness added that the new zones draw on the Kingdom’s strategic location at the heart of global trade, creating new hubs for businesses across key growth sectors to launch and scale the companies and technologies that will shape the future.
The Special Economic Zones (SEZs) will support existing national strategies and create new linkages with international frameworks, building on the competitive advantages of each region to support key sectors including logistics, advanced manufacturing, technology and other priority sectors for the Kingdom.
Benefits for companies operating in the new SEZs include competitive corporate tax rates, exemption from customs duties on imports, production inputs, machinery and raw materials, 100% foreign ownership of companies, and flexibility to attract and hire the best talent worldwide.
His Royal Highness emphasized that the new Special Economic Zones will provide tremendous opportunities to develop the local economy, generate jobs and localize supply chains.
They represent a continuation of the Kingdom’s long-running initiatives to transform into a global investment destination, and a vital hub for global supply chains, capitalizing on its position at the heart of global trade routes, at the crossroads between East and West.—Zawya News
