Prince Mohammad bin Salman bin Abdulaziz, Crown Prince, Prime Minister and Chairman of the Council for Economic and Development Affairs, has launched four new Special Economic Zones (SEZs) located in Riyadh, Jazan, Ras al-Khair, and King Abdullah Economic City, in order to further solidify the Kingdom’s position as a global investment destination.
The Special Economic Zones will create tens of thousands of jobs and add billions of riyals to the GDP, drawing on the Kingdom’s strategic location and creating new hubs for businesses across key growth sectors. Companies operating in the new SEZs will benefit from competitive tax rates, exemption from customs duties on imports, 100% foreign ownership of companies, and the ability to attract top global talent, according to Saudi Press Agency.
The SEZs will also promote local economic development, generate jobs, and localize supply chains. The new program of regulations and incentives for business activities is aimed at accelerating reforms to facilitate doing business in all parts of the Kingdom.
Together with previous free zone initiatives, the SEZs are part of a long-term program designed to encourage foreign investment, attract talented professionals from around the world, and promote entrepreneurship and economic development within the Kingdom.
