Saudi Arabia offers major concessions to investors in newly launched SEZs

Saudi Arabia offers major concessions to investors in newly launched SEZs

RIYADH — The incentives offered to companies operating in the four newly launched Special Economic Zones (SEZs) in Saudi Arabia cover both fiscal and non-fiscal concessions, 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 labor. Chairman of the Board of Directors of the Special Economic Cities and Zones Authority and Minister of Investment Eng. Khalid Al-Falih said: “This is an exciting moment. We are proud to see the launch of these four special economic zones that offer the chance for foreign investors to have a stake in the world’s fastest-growing economy.” The new zones, strategically situated across the Kingdom, are ‘King Abdullah Economic City (KAEC), Jazan, Ras Al Khair and Cloud Computing SEZ located in King Abdulaziz City for Science and Technology (KACST). The SEZs reinforce further Saudi Arabia’s position as a global business hub and will play a major role in achieving Saudi Arabia’s economic development goals under the Crown Prince’s Vision 2030 strategy. The Secretary-General of the Authority, Nabil Khoja, added, “With hugely attractive financial incentives, world-class infrastructure, business-friendly regulations and streamlined procedures for investors, there has never been a better time to