Saudi special economic zones lure USD 12.6 bn in investments: Saudi Arabia’s new special economic zones (SEZs) — launched last month — have secured USD 12.6 bn in investments from maritime, mining, manufacturing, logistics, and tech players, a statement said, without disclosing the names of the companies. An additional USD 31 bn in investments is in the pipeline, according to the statement.

The King Abdullah Economic City, Ras Al Khair, Jazan, and Cloud Computing zones were also issued licensesat the Saudi Special Economic Zones Investment Forum in Riyadh, the statement added.

About the SEZs: The four new SEZs are distributed strategically throughout Saudi Arabia, and offer competitive tax rates, exemptions from customs duties for imports, production, inputs, machinery, and raw materials, 100% foreign ownership, and flexibility in terms of hiring international talents. Despite being exempt from Saudization requirements, businesses in the SEZs are also offered incentives for hiring locals, KSA’s Human Resources and Social Development Minister Ahmed Al-Rajhi said, according to Arab News.

Tags: