Crown Prince Launches Four New Special Economic Zones in Saudi Arabia
- Istimewa
VIVA – The crown prince of Saudi Arabia, Mohammed bin Salman launches four new special economic zones in the kingdom. It aims to strengthen its position as a global investment, the state news agency SPA reported on Friday.
Companies operating within these zones can expect to receive several benefits including, competitive corporate tax rates, exemption from customs duties on imports, production inputs, machinery, raw materials, and flexibility to hire the most competent talent from anywhere in the world.
In addition, foreigners will enjoy 100 percent ownership of their companies in the four economic zones which are situated in Riyadh, Jazan, Ras al-Khair, and King Abdullah Economic City.
Putra Mahkota Saudi Mohammad bin Salman alias MBS.
- Bandar Aljaloud/Saudi Royal Palace via AP, File
The Crown Prince said: “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 Special Economic Zones (SEZs) are expected to further “develop the local economy, generate jobs, and localize supply chains,” according to SPA.
Since Saudi Arabia has been under the leadership of the Crown Prince, many new rules and innovations have been made by Mohammed Bin Salman to advance a more secular Saudi Arabia.
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