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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