The Saudi Crown Prince , Prime Minister and Chairman of the Council for Economic and Development Affairs, Prince Muhammad bin Salman bin Abdulaziz Al Saud, announced the launch of four special economic zones.

The four regions are among the endeavors to develop and diversify the Saudi economy and improve the investment environment, in a way that enhances the Kingdom's position as a leading global investment destination, according to the Saudi Press Agency (SPA).

The new special economic zones are strategically located in Riyadh, Jazan, Ras Al-Khair, and King Abdullah Economic City, north of Jeddah.

The Saudi Crown Prince revealed that the special economic zones 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, and provide tremendous opportunities for the development of the local economy, job creation, technology transfer and localization of industries.

The regions seek to open wide areas for the development of the Saudi business community by making Saudi companies benefit from the value added by those regions at all levels of supply chains and in various sectors.

He stressed that the launch of these zones continues the initiatives to transform the Kingdom into a global destination for investment and a vital center that supports global supply chains, especially after the launch of the Special Integrated Logistics Zone, which is located within King Salman International Airport in Riyadh, in addition to a number of strategic initiatives that will be announced later. .

It is noteworthy that these zones, whose activities are organized by the Special Economic Cities and Zones Authority, represent the first stage of a long-term program aimed at attracting international companies, encouraging foreign direct investment, and enhancing the growth of future qualitative sectors, by creating a world-class infrastructure, to support local and international investors, and provide opportunities Distinguished investment, supported by an integrated and developed system of rules and regulations.

Incentives for companies include competitive tax rates, customs duties exemptions for imports, production inputs, machinery and raw materials, 100% foreign ownership, and the ability to attract the best global human resources.