Saudi Arabia's Crown Prince, Mohammed bin Salman, has unveiled four new special economic zones in the country to enhance its global appeal as an investment destination, as per reports from the state news agency SPA. These zones offer a range of advantages to companies, including competitive corporate tax rates, exemption from customs duties on imports, machinery, raw materials, and production inputs, as well as the flexibility to hire skilled professionals from anywhere worldwide. Foreign investors will have complete ownership of their businesses within these zones situated in Riyadh, Jazan, Ras al-Khair, and King Abdullah Economic City.
Prince Mohammed stated, "Saudi Arabia is open for business and invites investors worldwide to witness the historic opportunities we offer. The newly launched Special Economic Zones will revolutionize the country's business environment, create numerous job opportunities, and contribute significantly to our GDP."
The establishment of these Special Economic Zones is expected to further strengthen the local economy, generate employment, and promote domestic supply chains, according to SPA. Nazar Musa, CEO of PRO Partner Group, commented, "The Crown Prince's announcement regarding the creation of these economic zones signifies multiple benefits for the Saudi Arabian economy and expanding opportunities for businesses planning to establish themselves in the Kingdom."
Musa further added, "Apart from the economic advantages like competitive corporate tax rates, customs duty exemptions, and an attractive legal framework, these zones will create an appealing environment for sectors and act as a major attraction for companies, similar to the development of Freezone areas in the UAE."
"These innovative hubs will foster knowledge sharing and facilitate the acquisition of talent and human capital for companies operating within these economic zones. This development in Saudi Arabia is a strategic move to compete with neighboring GCC countries in attracting foreign businesses and substantial investments."
