HH Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz announced the launch of four new Special Economic Zones (SEZ) in Riyadh, Jazan, Ras al-Khair and King Abdullah Economic City, north of Jeddah.

The Saudi Press Agency stated that the new Special Economic Zones (SEZ) enjoy legislative systems and special regulations for economic activities that would make these zones among the most competitive in the world to attract the most important qualitative investments, provide opportunities for the development of the local economy, generate jobs, technology transfer, and localization of industries.

It is worth noting that these four Special Economic Zones represent the first stage of a long-term program aimed at attracting international companies and encouraging foreign direct investment.

Benefits for companies operating in the new SEZs include competitive corporate tax rates, exemption from customs duties on imports, production inputs, machinery and raw materials, and 100 percent foreign ownership of companies. (QNA)

Source: Qatar News Agency