Crown Prince Launches 4 New Economic Zones in Saudi Arabia

Foreigners can have 100 percent ownership of their companies

  • Publish date: Friday، 14 April 2023
Crown Prince Launches 4 New Economic Zones in Saudi Arabia

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.

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.

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