Crown Prince Launches 4 New Economic Zones in Saudi Arabia
- Publish date: Friday، 14 April 2023
Foreigners can have 100 percent ownership of their companies
- Related articles
- Saudi Arabia's Inflation Rate Dropped to 2.7% in March 2023
- King Salman Orders Extension of Citizen's Account Program
- These Two Riyadh Neighborhoods Are Now Named After Saudi King Salman
Mohammed bin Salman, the Crown Prince of Saudi Arabia, launched four new special economic zones to boost the country's standing as a top location for global investment, the Saudi Press Agency (SPA) reported on Friday.
فيديو ذات صلة
This browser does not support the video element.
Read More: Saudi Arabia Cities
Read More: Transportation In Saudi Arabia
The zones are designed to provide investors from all around the world with new possibilities. They will be situated in King Abdullah Economic City, Jazan, Ras Al-Khair, and Riyadh.
The new zones take advantage of Saudi Arabia's strategic location at the center of international trade. In order to launch and develop the businesses and technologies that will define the future, the kingdom will build new centers for enterprises in critical growth sectors.
In addition to strengthening current national strategies, the Special Economic Zones (SEZs) will also establish new connections with international frameworks. It will also build on each region's competitive advantages in order to support important sectors like logistics, advanced manufacturing, technology, and other areas of priority for the Kingdom.
“Saudi Arabia is open for business and welcomes investors from all around the world to see first-hand the historic opportunities we have to offer. The new Special Economic Zones, launched today, will significantly impact how business is done in the country, create tens of thousands of jobs, and contribute billions of riyals to our GDP,” the Crown Prince said in a statement carried by SPA.
The Economic Cities and Special Zones Authority, which oversees the zones, offers fresh approaches to the challenges that many multinational corporations face as they aim to localize and strengthen their supply chains.