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Kingdom of Opportunity: Saudi Arabia's New Zones | |
| Sumita Pawar |
Saudi Arabia has launched four new Special Economic Zones (SEZs) aimed at boosting its economy and attracting foreign investment.
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The zones are focused on advanced manufacturing, cloud computing, medical technology, and the maritime industry.
The King Abdullah Economic City (KAEC) Special Economic Zone will be the hub for advanced manufacturing and logistics, while the Jazan SEZ will be an industrial centre and platform for trade with fast-growing markets in Africa and Asia.
The Ras Al-Khair SEZ will be a fully integrated marine ecosystem, while the Cloud Computing SEZ in King Abdulaziz City for Science and Technology (KACST) will serve as a hub for emerging and disruptive technologies.
The zones offer attractive financial incentives, world-class infrastructure, business-friendly regulations, and streamlined procedures for investors, including competitive corporate tax rates, duty-free imports of machinery and raw materials, 100% foreign ownership, seamless set-up procedures, and flexibility in employing foreign labour.
The SEZs will further Saudi Arabia’s position as a global business hub and play a major role in achieving the country’s economic development goals under the Crown Prince’s Vision 2030 strategy.