Ashraf AboArafe
His Royal Highness Prince (HRHP) Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister and Chairman of the Council of Economic and Development Affairs – may God protect him – announced yesterday the launch of four special economic zones, in a step that reflects his keenness to develop and diversify the Saudi economy and improve the investment environment. In order to enhance the Kingdom’s position as a leading global investment destination under the leadership of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud – may God protect him.
His Highness the Crown Prince affirmed that the special economic zones will open new horizons for development, relying on the competitive advantages of each region to support vital and promising sectors, including logistics, industry, technology and other priority sectors for the Kingdom, as the new special economic zones are characterized by strategic locations in Riyadh, Jazan, Ras Al-Khair and King Abdullah City. Economic City, north of Jeddah.
His Highness the Crown Prince stated that the special economic zones enjoy legislative systems and special regulations for economic activities that would make these zones among the most competitive in the world to attract the most important qualitative investments, and provide tremendous opportunities for the development of the local economy, job creation, technology transfer, and localization of industries. wide for the development of the Saudi business community, where the special economic zones integrate with the basic economy, and provide fertile ground for achieving the goals of sectoral strategies that serve the Saudi Vision 2030, led by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud – may God protect him – which will allow Saudi companies to benefit from the value that Special economic zones add them at all levels of supply chains, and in various sectors.
His Highness the Crown Prince indicated that the special economic zones constitute integrated logistical and industrial platforms, centered around the investor, to provide an exceptional investment experience, and consolidate the Kingdom’s position as a transit gateway to the Middle East and Africa, and a link between the markets of East and West, stressing that the launch of these zones continues the initiatives to transform the Kingdom. To a global destination for investment, and a vital center that supports global supply chains, especially after the launch of the Special Integrated Logistics Zone, which is located within King Salman International Airport in Riyadh, as well as a number of strategic initiatives that will be announced later, God willing.
It is worth noting that these four special economic zones, whose activities are organized by the Cities and Special Economic Zones Authority, represent the first stage 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, to support Local and international investors, and provide distinct investment opportunities, supported by an integrated and developed system of rules and regulations. Incentives for companies include competitive tax rates, customs duties exemptions for imports, production inputs, machinery and raw materials, 100% foreign ownership, and the ability to attract the best global human resources.
