RIYADH: Saudi Arabia’s (KSA) Crown Prince Mohammed bin Salman has launched four special economic zones in the country, Arab media reported Thursday. The aim of the step is to open new prospects for investors from across the world, Saudi Press Agency reported. The new zones will be set up in Riyadh, Ras Al-Khair, Jazan, and King Abdullah Economic City.
Crown Prince launches special economic zones
The Crown Prince said that the KSA is open for business and his country welcomes investors from across the world to see first-hand the historic and mega opportunities they (KSA) have to offer.
He added that the new special economic zones would significantly impact business in the country, saying it would create tens of thousands of job opportunities and contribute billions of riyals to their gross domestic product (GDP).
The Saudi Press Agency reported that the economic zones draw on the country’s strategic location and will grow new hubs for businesses across key sectors to launch and scale technologies that will shape the future of Saudi Arabia.
They will support the current national strategies and generate new links with global frameworks and construction on the competitive advantages of each location to support main sectors, including advanced manufacturing, logistics, technology, and other priority sectors in the Kingdom of Saudi Arabia.
Economic zones
Benefits for firms operating in the new economic zones include exemption from customs duties on imports, competitive corporate tax rates, machinery and raw materials, production inputs, flexibility to attract and hire the best talent worldwide, and 100 percent foreign ownership of companies.
The new economic zones will also provide great opportunities to grow the domestic economy, create jobs, and localize supply chains.
They represent an extension of Saudi Arabia’s long-running steps to transform into a world investment destination, and an energetic hub for world supply chains, capitalizing on its location at the heart of world trade routes.
With a detailed program of incentives and regulations, the zones will offer attractive offers for foreign investment and will allow for the acceleration of the required reforms to facilitate doing business in all areas of the Kingdom.
They represent the 1st phase of a key, long-term program aimed at attracting foreign direct investment, encouraging the most talented specialists from around the world, and encouraging entrepreneurship and economic development within Saudi Arabia.
