4 new Special Economic Zones launched by Saudi Crown Prince

Crown Prince launches 4 new Special Economic Zones in Saudi Arabia

 

Four new Special Economic Zones in Saudi Arabia were inaugurated by Saudi Crown Prince and Prime Minister Mohammed bin Salman, who also serves as the organization’s chairman. See Also : Third Saudi expansion of Makkah Grand Mosque

The announcement of the new economic zones, which will be situated in Riyadh, Jazan, Ras al-Khair, and King Abdullah Economic City, north of Jeddah, is in accordance with the Crown Prince’s commitment to enhancing Saudi Arabia’s leading position as a top location for foreign investment.

– Saudi Arabia is open for business and welcomes investors from all over the world to experience first-hand the historic opportunities we have to offer, the Crown Prince declared in a statement broadcast by the Saudi Press Agency. The new Special Economic Zones, which were established, will have a big impact on how business is conducted in the Kingdom, generate tens of thousands of employment, and boost our GDP by billions of riyals.

– The new zones take advantage of Saudi Arabia’s advantageous location at the center of international trade by establishing centers for enterprises in key growth industries to establish and build the businesses and technologies that will define the future. Building on the competitive advantages of each region, the Special Economic Zones (SEZs) will support current national strategies and establish new connections with international frameworks, supporting important sectors such as logistics, advanced manufacturing, technology, and other priority sectors for the Kingdom. Recommend : Saudi Arabia and Syria to resume consular services and flights between two countries

– Competitive corporate tax rates, exemption from customs charges on imports of manufacturing inputs, machinery, and raw materials, 100% foreign ownership of companies, and flexibility to recruit and hire the best personnel from across the world are all advantages for businesses operating in the new Special Economic Zones.

– Significant chances to grow the local economy, create jobs, and localize supply chains will be presented by the new SEZs. They represent a continuation of the Kingdom’s long-standing efforts to become a major center for global supply chains and a magnet for international investment, capitalizing on its strategic location at the crossroads of East and West. These SEZs provide profitable and attractive offers for foreign investment with a comprehensive program of rules and incentives. This program will make it possible to quicken the reforms needed to make conducting business easier throughout the Kingdom.

– The King Salman International Airport in Riyadh recently launched the integrated logistics special zone, which is one of the four Special Economic Zones that are a continuation of earlier free zone projects in the Kingdom. Together, they constitute the beginning of a significant, extensive initiative that will encourage foreign direct investment, draw the brightest minds from all over the world, and support entrepreneurship and economic growth in the Kingdom. Most Viewed : 88 million users used Saudi Airports in the Year 2022

– The Economic Cities and Special Zones Authority, which oversees the Special Economic Zones, offers fresh approaches to the problems that many multinational corporations face as they attempt to localize and strengthen their supply chains. According to the SPA, they will assist the Kingdom in utilizing significant macroeconomic changes to build a truly differentiating business climate and activate new value chains and sectors.

– The Key Targeted Sectors of the 4 new Special Economic Zones are Cloud Computing, Food Processing, Maritime Industrial Services, Logistics, Manufacturing and Mining, Electric Vehicles, etc. Follow Saudi Expatriates on Whatsapp Group