Crown Prince launches 4 special economic zones for investors

Crown Prince Mohammed bin Salman

Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister and Chairman of the Council of Economic and Development Affairs (CEDA), launched today, April 13, four special economic zones (SEZs) in Riyadh, Jazan, Ras Al-Khair, and King Abdullah Economic City (KAEC).

The new zones aim to open new horizons for investors from all over the world, based on the competitive advantages of every region to support vital and promising sectors, including logistics, industrial, technological and other priority sectors.

They also have special regulations and rules for business activities, which can help these zones rank among the world’s most competitive zones to attract the most important quality investments, the Saudi Crown Prince added. The zones provide enormous opportunities for local economic development, creating jobs, transferring technology and localizing industries. They will also allow broad fields to develop the Saudi business community, as the SEZs integrate with the economy.

He added that these zones represent full-fledged industrial and logistics platforms that revolve around investors to offer exceptional investment experience. 

The four zones, regulated by the Economic Cities and Special Zones Authority (ECZA), represent a first stage of a long program that aims to attract international firms, encourage foreign direct investment and enhance growth of future quality sectors through creating a world-class infrastructure. This aims to support local and foreign investors, provide distinguished investment opportunities backed by an integrated and advanced set of regulations.

Some incentives are offered to the companies operating in the new SEZs include competitive tax rates, exemptions for imports, production inputs, machinery and raw materials from customs duties, allowing 100% foreign ownership and flexibility to attract and hire the best talent worldwide.