Crown Prince Mohammed bin Salman has announced that Saudi Arabia will create four special economic zones. The new districts will be located in Riyadh, Jizan, Ras Khalifa and the King Abdullah Economic City and are designed to open up new opportunities for international investors. Saudi Arabia is open for business and welcomes investors from all over the world to witness the historic opportunities we have to offer.

The new Special Economic Zone launched today will significantly impact the way business is done in the country, creating tens of thousands of jobs and contributing billions of riyals to our Gross Domestic Product. These areas will take advantage of the Kingdom's strategic location to create new hubs for businesses in key growth sectors so they can launch and scale companies and technologies that will help shape the future. They will support existing national strategies and create new links to international frameworks, leveraging the competitive strengths of each region of the country to support key sectors such as logistics, advanced manufacturing, technology and other priority sectors of the Kingdom.

Benefits for companies operating in the zone will include: competitive corporate tax rates; exemption from customs duties on imports, production inputs, machinery and raw materials; 100% foreign ownership of companies; and flexibility to attract and hire the best talent from around the world. These special zones will also present enormous opportunities to develop the local economy, create jobs and localize supply chains. They are said to represent a continuation of long-term plans to transform the kingdom into a global investment destination and a vital hub for global supply chains by leveraging its position at the center of global trade routes. Thanks to detailed regulatory and incentive schemes, these zones will provide foreign investors with lucrative and attractive benefits. The plan will also speed up the reforms needed to boost business across the Kingdom.

The new zone builds on the Kingdom's previous free zone initiatives, including the recently launched Integrated Logistics Zone at Riyadh's King Salman International Airport. Together, they represent the first phase of a major long-term plan to encourage foreign direct investment, attract the most talented professionals from around the world and boost entrepreneurship and economic development within the kingdom, officials said.

These zones, which will be overseen by the Economic Cities and Districts Authority, will provide new solutions to the challenges faced by many global businesses as they try to localize and strengthen their supply chains, and help the Kingdom capitalize on key macroeconomic shifts to create a truly differentiated business environment , to activate new industries and value chains. Khalid Al-Falih, Saudi Investment Minister, Chairman of the Economic Cities and Special Zones Authority, said it was an exciting time. We are proud to see the launch of these four SEZs, providing foreign investors with access to the fastest growing economies in the world.

Mr. Nabil Khoja, secretary general of the agency, added that with attractive financial incentives, world-class infrastructure, business-friendly regulations and simplified investor procedures, now is the right time to join Saudi Arabia. Economic success story. These free trade zones will be engines of growth, increasing the competitiveness of Saudi exports, attracting talent, promoting technological advancement, and improving our global connections. A SEZ is a geographically defined area that promotes specific economic activities, such as investment, trade and employment, by providing a competitive advantage and legislative framework distinct from the underlying economy.

King Abdullah Economic City Special Economic Zone

The premier destination for advanced manufacturing and logistics, from automotive supply chain and assembly to consumer goods, ICT and medical technology. With a prime location on the Red Sea and less than 90 minutes from Jeddah Airport, the 60-square-kilometre site offers unparalleled access to global trade routes, and King Abdullah Port has been named the world's most important port for 2022 by the World Bank. Efficient ports. Lead investor Lucid, a global leader in the electric vehicle industry, will produce 150,000 electric vehicles per year at its base in the KAEC special economic zone.

Jizan Special Economic Zone

An industrial hub and an important platform for trade with fast-growing markets in Africa and Asia. Jizan SEZ provides access to the region's largest port for the export of goods and import of materials, helping investors benefit from and contribute to large-scale infrastructure projects in Saudi Arabia and around the world, backed by easy access to natural and industrial resources .Jizan is part of the Kingdom's fertile southwestern region, offering opportunities for the manufacture, processing and distribution of food products to meet growing regional demand and address food security challenges in the region.

Rashaire Economic Zone Rashaire Special Economic Zone

The Special Zone is the launch pad for leaders in the Arabian Gulf shipping industry, a fully integrated marine ecosystem with a rich network of existing investors - 40% of the area has been reserved - and numerous opportunities spanning shipbuilding and repair, Offshore Drilling and the Maritime Value Chain.

Cloud Computing Special Economic Zone in King Abdulaziz Science and Technology City

In King Abdulaziz City for Science and Technology, a new cloud computing special economic zone will be a hub for emerging and disruptive technologies. The Cloud Computing Special Economic Zone is a direct manifestation of the Kingdom's "cloud first" policy, underscoring the Kingdom's commitment to digital innovation and the fast-growing technology sector. The zone is based on an innovative hybrid model that allows investors to establish physical data centers and cloud computing infrastructure at multiple locations in the Kingdom.Editor/XingWentao