Saudi Arabia launches 4 special economic zones for boosting investments

(File photo: Jordan News)
AMMAN — Saudi Arabia launched four special economic zones on Thursday in Riyadh, Jizan, Ras Al-Khair, and King Abdullah Economic City, north of Jeddah, according to Forbes Middle East.اضافة اعلان

Saudi Crown Prince Mohammed bin Salman highlighted "huge opportunities for the development of the local economy" that the zones will provide in terms of job creation, technology transfer, industry localization, and development of the Saudi business community.

According to bin Salman, who also holds the positions of Prime Minister and Chairman of the Council of Economic and Development Affairs, the special economic zones consist of logistical and industrial platforms centered on investment, to provide an exceptional investment experience and take advantage of the kingdom’s position as a transit gateway to the Middle East and Africa and a link between Eastern and Western markets.

Long-term visionThe four zones represent the first stage of a long-term program aimed at attracting international companies, encouraging direct foreign investment, and promoting the growth of future qualitative sectors by creating a high-level infrastructure to support domestic and international investors.

The special economic zones enjoy distinct regulations for economic activities to attract key qualitative investments.

Incentives for companies include competitive tax rates, customs duties exemptions for imports, production inputs, machinery, and raw materials, 100-percent foreign ownership, and the ability to attract top-tier global human resources.

Ambitious industrial goalsAccording to the crown prince, Saudi Arabia is seeking to achieve certain goals in the industrial sector. The first is to double the value of industrial exports to 557 billion riyals ($148.34 billion) by 2030.

Secondly, the kingdom aims to increase the number of factories from 7,206 prior to the introduction of Vision 2030 to 36,000 by 2035.

Saudi Arabia is also working to boost the total value of additional investments in the industrial sector to 1.3 trillion riyals ($346.21 billion).

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