The Crown Prince, His Royal Highness Prince Mohammed bin Salman, launched Saudi Arabia’s new Special Economic Zones last month, attracting US$12.6 billion from investors in maritime, mining, manufacturing, logistics, and technology. creating new value chains in the Kingdom. An extra US$31 billion in investment is also under way.
The announcement was made today at an investment forum at the Ritz-Carlton in Riyadh, where four Special Economic Zones (SEZs) licenses were awarded to the King Abdullah Economic City’ (KAEC) SEZ, ‘Ras Al-Khair’ SEZ , ‘Jazan’ SEZ, and ‘Cloud Computing’ SEZ, and early invetsments were also announced.
The event was hosted by the Economic Cities and Special Zones Authority (ECZA), in partnership with the Saudi Program for Attracting Regional Headquarters of International Companies, and follows the official launch of the zones last month by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister and Chairman of the Council for Economic and Development Affairs.
His Excellency Eng. Khalid Al-Falih, Minister of Investment and Chairman of ECZA Board, said:
“Our Special Economic Zones are part of a comprehensive approach, building on previous initiatives to strengthen Saudi Arabia’s standing as a premier global investment hub and provide businesses across multiple sectors and industries with a launchpad to drive their international growth.”
Mr. Nabil Khojah, Secretary General of ECZA, added: “The four Special Economic Zones are brand new, but have already attracted billions of Saudi riyals in investment, with more to come. This is an exciting moment for the Kingdom and for all of us at ECZA, as we unveil new opportunities for global investors to capitalize on Saudi Arabia’s position as an economic powerhouse at the heart of global trade routes.”
The Forum’s themes focused on the Kingdom’s strengths as a global investment destination: its favorable and competitive regulatory environment, strategic geographical position as a logistics and supply chain hub, and its hyper-connected digital infrastructure capable of supporting a global ICT and cloud computing ecosystem. The Forum also provided updates on the latest developments on the Regional Headquarters Program.
The new zones – ‘King Abdullah Economic City’ (KAEC) SEZ, ‘Ras Al-Khair’ SEZ , ‘Jazan’ SEZ, and ‘Cloud Computing’ SEZ – are strategically located across the Kingdom. Together, they represent the initial phase of a significant long-term program of special economic zones. They complement the Riyadh Integrated Special Logistics Zone (RISLZ), which was launched in 2022.
The Saudi SEZs include competitive corporate tax rates, exemption from customs duties on imports, production inputs, machinery & raw materials and 100% foreign ownership.
