Saudi Arabia announces the establishment of four new Special Economic Zones
The Saudi Arabian Government has recently announced the establishment of four new Special Economic Zones (SEZs) across the country.
These new zones are designed to offer competitive incentives for businesses who invest in them, and further support the Kingdom’s vision to become a global business hub. Akeela Bharuchi, Head of Middle East at Equiom highlights the benefits that the four new zones will bring to the country.
The establishment of these new zones is part of a long-term program that aims to attract and encourage foreign direct investment, as well as talent, in order to promote business development activities in the Kingdom. The intention is that the zones are export-oriented and therefore do not compete with the base economy.
This program is also in line with the goals of Vision 2030, the Kingdom’s ambitious economic development plan, strengthening its position as an investment destination.
The newly established economic zones are as follows:
- King Abdullah Economic City (KAEC) SEZ
- Jazan SEZ
- Ras Al Khair SEZ
- Cloud Computing SEZ located in King Abdulaziz City for Science and Technology (KACST)
The new SEZs will provide businesses with a number of incentives, specific to each zone, such as tax exemptions, customs duty exemptions, streamlined processes, and the flexibility to attract and hire the best talent worldwide. This will create an attractive environment for businesses to invest in, and the government is expecting to see a significant increase in foreign direct investment in the coming years.
They will also provide businesses with access to world-class infrastructure and services, such as high-speed internet, logistics, and transportation. This will support businesses to increase their efficiency and productivity and will help them to compete in the global marketplace.
The government is confident that these new SEZs will assist in creating an environment that is conducive to business growth and development. It is expected that businesses which invest in these special economic zones will benefit from the competitive incentives and world-class infrastructure, and that this will lead to increased economic growth and prosperity in the Kingdom.
The establishment of four new special economic zones is a major step forward for the Kingdom and will help to make it a more attractive destination for foreign direct investment.
Why choose Equiom?
Understanding the challenges of expanding into a new market, and mitigating risks is at the front of our approach when we discuss a client’s requirements and offer solutions.
Our experienced team in Riyadh supports existing businesses and those looking to enter the Saudi Arabian market with business enabling solutions. They have the appropriate market knowledge and local understanding to assist any set up, ensuring your business is safeguarded at every step.
Our solutions cover the various stages of a client’s journey, from market insights and due diligence to company formation and registration or providing post entry solutions such as Compliance, Risk Management and Governance Advisory, Company Secretariat support and Public Relations (PRO) services.
Our proven track record and experience in the Middle East, combined with the level of commercial control we ensure for our clients, gives us the confidence to be your corporate partner of choice. For more information on the opportunities available, contact Akeela Bharuchi.
