(MENAFN- Trend News Agency) Saudi Arabia's Crown Prince Mohammed bin Salman launched four
new special economic zones in the Kingdom to strengthen its
position as a global investment destination, state news agency SPA
reported, trend reports citing al arabiya .
Companies operating within these zones can expect to receive
several benefits including, competitive corporate tax rates,
exemption from customs duties on imports, production inputs,
machinery and raw materials, and flexibility to hire the most
competent talent from anywhere in the world.
In addition, foreigners will enjoy 100 percent ownership of
their companies in the four economic zones which are situated in
Riyadh, Jazan, Ras al-Khair and King Abdullah Economic City.
The Crown Prince said:“Saudi Arabia is open for business and
welcomes investors from all around the world to see first-hand the
historic opportunities we have to offer. The new Special Economic
Zones, launched today, will significantly impact how business is
done in the country, create tens of thousands of jobs, and
contribute billions of riyals to our GDP.”
The Special Economic Zones (SEZs) are expected to further
“develop the local economy, generate jobs, and localize supply
chains,” according to SPA.
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