Saudi Arabia launches four special economic zones in pursuit of Vision 2030 diversification

In a significant step towards diversifying its economy in line with the Vision 2030 plan, Saudi Arabia has launched four special economic zones in Riyadh, Jazan, Ras Al-Khair, and King Abdullah Economic City, north of Jeddah. These zones will benefit from competitive and legislative advantages, helping to attract investment in various sectors, including logistics, industry, technology, and more, while also boosting non-oil exports from the Kingdom.

The economic zones will offer incentives for businesses, such as:

- Lower tax rates
- Exemptions from customs duties on imports, equipment, raw materials, and primary materials
- 100 percent foreign ownership allowance, eliminating the need for partnerships with Saudi investors
- Facilitation of attracting the best global human resources

 

These offerings are expected to make the economic zones among the most competitive in the world. According to Saudi Crown Prince Mohammed bin Salman, they will open new horizons for development, supporting vital and promising sectors. He added that they will further solidify the Kingdom's position as a gateway to the Middle East and Africa and as a link between the markets of the East and the West. The Crown Prince also reiterated the commitment to continue transforming Saudi Arabia into a global investment destination.

The launch of these economic zones represents the first phase of a long-term program expected to inject around $18 billion into the Saudi economy and create around 30,000 job opportunities by 2030. This follows last year's decision by the Saudi Cabinet to approve a program for attracting the regional headquarters of global companies under the supervision of the Royal Commission for Riyadh City's board of directors.

This historic transformation of the economic and investment landscape in Saudi Arabia highlights the nation's efforts to leverage its strategic location and economic strength to enhance integration and economic relations amid global tensions and international conflicts.