Saudi Crown Prince Mohammed bin Salman announced the launch of four new economic zones in the Kingdom, distributed in Riyadh, Jizan, Ras al-Khair, and King Abdullah Economic City, north of Jeddah, according to a statement carried by the official news agency, SPA.
And he said Statement Incentives for companies in the new areas include allowing 100 percent foreign ownership.
The activities of these economic zones will be organized by the Special Economic Cities and Zones Authority, and they represent “the first phase of a long-term program aimed at attracting international companies, encouraging foreign direct investment, and promoting the growth of future qualitative sectors, by creating a world-class infrastructure.”
The authority will also provide companies that will come to these regions with a package of incentives with “competitive tax rates, exemptions for imports, production inputs, machinery and raw materials from customs duties.”
The Saudi Crown Prince said that these regions “enjoy legislative systems and special regulations for economic activities that would make these regions among the most competitive in the world to attract the most important qualitative investments,” noting that they serve the Saudi Vision 2030.
He emphasized that these economic zones “constitute integrated logistical and industrial platforms… to provide an investment experience… that consolidates the Kingdom’s position as a transit gateway to the Middle East and Africa, and a link between the East and West markets.”
Prince bin Salman stressed his intention to continue with initiatives to transform Saudi Arabia into “a global destination for investment and a vital center that supports global supply chains.”
