Riyadh, Saudi Arabia — A total of $12.6 billion in investments has been attracted by Saudi Arabia’s new Special Economic Zones, launched last month by the Crown Prince Mohammed bin Salman, in maritime, mining, manufacturing and logistics and tech sectors.
An additional $31 billion in investments are in progress, the Special Economic Zones Investment Forum in Riyadh was told Tuesday. At the forum, four Special Economic Zones (SEZs) licenses were awarded to the King Abdullah Economic City’ (KAEC) SEZ, ‘Ras Al-Khair’ SEZ , ‘Jazan’ SEZ, and ‘Cloud Computing’ SEZ. Early investments were also announced.
Khalid Al-Falih, Minister of Investment and Chairman of ECZA Board, said in his opening remarks that the kingdom closed deals worth SAR 285 billion ($76 billion) in 2022 across sectors ranging from auto to ICT, agriculture to aerospace, petrochemicals to mining and renewable energy.
Khalid Al-Falih, Minister of Investment and Chairman of ECZA Board, said, “Our Special Economic Zones are part of a comprehensive approach, building on previous initiatives to strengthen Saudi Arabia’s standing as a premier global investment hub and provide businesses across multiple sectors and industries with a launchpad to drive their international growth.”
The event was hosted by the Economic Cities and Special Zones Authority (ECZA), in partnership with the Saudi Program for Attracting Regional Headquarters of International Companies.
Nabil Khojah, Secretary General of ECZA, said, “The four Special Economic Zones are brand new, but have already attracted billions of Saudi riyals in investment, with more to come.”
The new zones represent the initial phase of a long-term program of special economic zones. They complement the Riyadh Integrated Special Logistics Zone (RISLZ), which was launched in 2022.
The Saudi SEZs include competitive corporate tax rates, exemption from customs duties on imports, production inputs, machinery and raw materials, 100 percent foreign ownership of companies, and the flexibility to attract and hire the best talent worldwide.