Crown Prince of Saudi Arabia Mohammed bin Salman announced the launch of 4 special economic zones in the Kingdom, which open up new horizons for investors from all over the world.
Incentives in the new zones include allowing 100 percent foreign ownership, competitive corporate tax rates, and exemption from customs duties on imports, inputs, equipment, and raw materials.
New special economic zones are located in Riyadh, Jazan, Ras al-Khair and the King Abdullah Economic City north of Jeddah.
These four special economic zones represent the first phase of a long-term program aimed at attracting international companies, encouraging foreign direct investment and facilitating the growth of future quality sectors by building world-class infrastructure to support local and international investors. and provide excellent investment opportunities supported by an integrated and developed system of rules and systems, according to the Saudi Arabian Press Agency SPA.
The Crown Prince of Saudi Arabia confirmed that the Special Economic Zones will open up new horizons for development, building on the competitive advantages of each region to support vital and promising sectors, including logistics, industrial, technical and other priority industries for the Kingdom, indicating that they are legislative systems and special rules for economic activity that will make these regions among the most competitive in the world to attract the most important quality investments and provide fertile ground for achieving the goals of sectoral strategies that serve (Saudi Vision 2030) and strengthen the Kingdom’s position as a transit gateway to the Middle East and to Africa, as well as a link between the markets of East and West.
The projects (Saudi Vision 2030) that Saudi Arabia launched in 2016 are worth more than $1.1 trillion, and one of its goals is to diversify national income sources and get rid of dependence on oil.
Source: “SPA”
