Politics & News

Saudi Crown Prince Launches 4 Four New Special Economic Zones in Saudi Arabia

His Royal Highness Prince Mohammad bin Salman bin Abdulaziz, Crown Prince, Prime Minister, and Chairman of the Council for Economic and Development Affairs, launched today 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 in Riyadh, Jazan, Ras al-Khair, and King Abdullah Economic City.

His Royal Highness 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 launch of Special Economic Zones, launched today, will significantly impact business in the country. It will create tens of thousands of jobs, and contribute billions of riyals to our GDP.

His Royal Highness added that the upcoming zones draw on the Kingdom’s strategic location at the heart of global trade. This creates innovative 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 each region’s competitive advantages to support critical sectors including logistics, advanced manufacturing, technology, and other priority sectors for the Kingdom. Benefits for companies operating in the upcoming SEZs include competitive corporate tax rates, and exemption from customs duties on imports, production inputs, machinery, and raw materials. In addition, they have 100% foreign ownership of companies, and the flexibility to attract and hire the most talented talent worldwide.

His Royal Highness emphasized that the proposed 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. With a detailed program of regulations and incentives for business activities, these Special Economic Zones offer rewarding and attractive foreign investment offers. This program will allow for the acceleration of the required reforms to facilitate doing business in all parts of the Kingdom.

These four Special Economic Zones build on previous free zone initiatives in the Kingdom. These include the recent launch of the integrated logistics special zone at King Salman International Airport in Riyadh. Together, they represent the first phase of a major, long-term program aimed at encouraging foreign direct investment, attracting the most talented professionals from around the world, and promoting entrepreneurship and economic development within the Kingdom.

The Special Economic Zones, regulated by the Economic Cities and Special Zones Authority, provide creative solutions to the challenges facing many global businesses. This is as they look to localize and strengthen their supply chains. They will help the Kingdom take advantage of key macroeconomic shifts to create a differentiated business environment, activating new sectors and value chains.

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