Thursday, June 8, 2023

Saudi Arabia to launch four new special economic zones

Four special economic zones are to be established in Saudi Arabia, Crown Prince Mohammed bin Salman has announced.

The zones, located in Riyadh, Jazan, Ras al-Khair and King Abdullah Economic City, are part of the kingdom’s commitment to strengthening its position as a global investment destination, the Saudi Press Agency reported.

The crown prince said the new zones would have a substantial impact on how business is done in the kingdom, create tens of thousands of jobs, and contribute billions of riyals to the kingdom’s GDP.

“Saudi Arabia welcomes investors from all around the world to see first-hand the historic opportunities we have to offer,” he added.

Benefits for companies operating in the new zones include competitive corporate tax rates, exemption from customs duties on imports, 100-percent foreign ownership of companies, and favorable policies to attract and hire talents worldwide, among others.

The launch of the new economic zones came on the heels of several other similar projects in the kingdom, including the launch of the integrated logistics special zone at King Salman International Airport in Riyadh in November 2022.

Together, they represent the first phase of the kingdom’s long-term program to encourage foreign direct investment, attract the most talented professionals worldwide, and promote entrepreneurship and economic development.

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