© Reuters. A.Saudi creates 4 new special economic zones for foreign investors
Riyadh, Apr 14 (.).- Saudi Prime Minister and Crown Prince Mohamed bin Salman has announced the creation of four new special economic zones (SEZs) to attract investors from around the world and strengthen the kingdom’s position in business international, which will allow the generation of “tens of thousands of jobs”, reported official sources.
Some of the benefits that companies operating in the new SEZs will obtain are “competitive corporate tax rates, exemption from customs duties on imports, production inputs, machinery and raw materials,” the Saudi state news agency SPA detailed.
In addition, the property will be 100% foreign companies, and they will have flexibility to attract and hire “the best talent around the world”, taking advantage of “its position at the heart of global trade routes, at the crossroads between East and West “.
“The creation of these four new special economic zones are in line with (the kingdom’s) commitment to strengthen its position as a global investment destination (…) and show first-hand the historic opportunities” offered by the country, according to the agency.
These new SEZs are located in Riyadh, Jazan, Ras al Khair and King Abdullah Economic City and “build on the kingdom’s strategic location, at the heart of world trade” to create new hubs targeting companies in key growth sectors and ” technologies that will shape the future.
According to SPA, they will “support existing national strategies and create new links with international frameworks” through “the competitive advantages of each region” to support key sectors including logistics, advanced manufacturing and technology.
These four new zones build on previous free zone initiatives in Saudi Arabia, including the special integrated logistics zone at King Salman International Airport in Riyadh, as “the first phase of a major long-term program to encourage foreign investment ” and become a “vital center of global supply chains”.
Since Mohamed bin Salmán was appointed Saudi crown prince in 2017, his mission has been to open Saudi Arabia to the world and attract foreign companies and expatriates with the intention of establishing itself as a logistics center in the gulf, which is currently the United Arab Emirates, although always under the shadow of the abuse of human rights existing in the country.
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