His Royal Highness Prince Mohammad bin Salman bin Abdulaziz, Crown Prince and Prime Minister, has launched four new Special Economic Zones (SEZs) in Saudi Arabia.
The new zones, strategically situated across the Kingdom, are ‘King Abdullah Economic City’ (KAEC) SEZ, ‘Jazan’ SEZ, ‘Ras Al Khair’ SEZ and ‘Cloud Computing’ SEZ located in King Abdulaziz City for Science and Technology (KACST). The SEZs reinforce and further Saudi Arabia’s position as a global business hub and will play a major role in achieving Saudi Arabia’s economic development goals under His Royal Highness the Crown Prince’s Vision 2030 strategy.
Special economic zones are geographically defined areas that facilitate specific economic activities, such as investment, trade and employment, by providing competitive advantages and legislative frameworks that differ from the base economy. With a bespoke regulatory and incentive scheme, SEZs constitute an attractive proposition in the increasingly attractive context of foreign investment. This important program will enable Saudi Arabia to fast-track certain reforms and facilitate the ease of doing business across the country.
Mr. Nabil Khoja Secretary-General ECZA
“With hugely attractive financial incentives, world-class infrastructure, business-friendly regulations and streamlined procedures for investors, there has never been a better time to be part of Saudi Arabia’s economic success story. The zones will become engines of growth, increasing the Kingdom’s export competitiveness, attracting talent, boosting technology and improving our global links.”
Chairman of the Board of Directors of the Special Economic Cities and Zones Authority, Minister of Investment, Eng. Khalid Al-Falih, said that “This is an exciting moment. We are proud to see the launch of these four special economic zones that offer the chance for foreign investors to have a stake in the world’s fastest-growing economy.”
The incentives offered to companies cover both fiscal and non-fiscal incentives, including competitive corporate tax rates, duty-free imports of machinery and raw materials, 100 percent foreign ownership, seamless set-up procedures, and flexibility in employing foreign labor.
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