The new special economic zones in Saudi Arabia were announced last month, and their efforts to attract investment have paid off: their value has exceeded 47 billion Saudi riyals, distributed across several key sectors such as the maritime sector, mining industry, manufacturing, logistics services, and modern technologies. In addition, further investments of more than 116 billion Saudi riyals are expected. Cryptocurrency Investment Boom is expected in Saudi Arabia.
This information was disclosed during an investment forum in Saudi Arabia’s special economic zones, which was organized by the Agency of Cities and Special Economic Zones in cooperation with the Saudi program for attracting regional headquarters of global companies at the Ritz Carlton hotel in Riyadh. During the forum, four licenses for special economic zones in the city of King Abdullah, Ras al-Khair, Jazan, and for cloud and information computing were issued. Initial investments were also announced.
The Minister of Investment and Chairman of the Board of Directors of the Agency of Cities and Special Economic Zones, Engineer Khalid bin Abdulaziz Al-Falih, in his welcoming speech, emphasized that the special economic zones are part of an integrated strategy focused on strengthening Saudi Arabia’s position as a leading global investment center and providing an ideal platform for companies from various sectors and industries to enhance their international businesses and growth.
Nabil Hodja, Secretary-General of the Agency of Cities and Special Economic Zones, emphasized that the new special economic zones in Saudi Arabia have already managed to attract billion-dollar investments in a short time, expecting more investments in the near future. He described the current situation as a decisive moment for the Kingdom and all stakeholders, as new opportunities for global investors and Saudi Arabia’s economic opportunities as a force in the heart of global trade routes are opening up.
During the forum, the opportunities provided by the special economic zones and the promising growth prospects they promise to international investors were discussed. Discussions focused on three main themes: a supportive and competitive regulatory environment, a strategic geographical location that strengthens Saudi Arabia’s position as a vital center for logistics and supply chains, and advanced digital infrastructure designed to support technology companies and the global cloud computing system.
The new special economic zones include the city of King Abdullah, Jazan, Ras al-Khair, and cloud and information computing, as well as an integrated logistics district in Riyadh, which was launched in 2022.
The main advantages of Saudi Arabia’s special economic zones include competitive tax rates offered to companies, exemption from customs duties on imports, production inputs and equipment, raw materials, the ability for full ownership by foreign companies, and flexibility in attracting and hiring the best global specialists.
It should be noted that the Regional Headquarters Program is a joint initiative of the Ministry of Investment and the Royal Agency of the City of Riyadh, which was announced in 2020, to invite international companies to move their regional headquarters to Saudi Arabia.