Saudi SEZs attract SAR 47 bln investments

Government officials at the Saudi Special Economic Zones Investment Forum

Saudi Arabia's special economic zones, which were launched last month, attracted investments exceeding SAR 47 billion, according to an official statement issued today, May 29.

These investments were various across vital sectors, including maritime, mining, industry, logistics and modern technologies. The total volume of additional investments being implemented has reached more than SAR 116 billion, the statement added.

A total of four licenses were granted for the special economic zones in King Abdullah Economic City, Ras Al-Khair, Jazan, and Cloud Computing SEZ. Moreover, initial investments were also revealed.

This announcement came on the sidelines of the Saudi Special Economic Zones Investment Forum, organized by the Economic Cities and Special Zones Authority in partnership with the Saudi Program for Attracting Regional Headquarters of International Companies, in Riyadh.

The SEZs in Saudi Arabia offer several privileges, including competitive tax rates on companies, exemption from customs duties on imports, production inputs, machinery and raw materials, in addition to enabling foreigners to fully own companies, and flexibility in attracting and employing the best cadres and competencies from around the world.