Four new Special Economic Zones in Saudi Arabia were inaugurated on Thursday by Crown Prince and Prime Minister Mohammed bin Salman, who also serves as the organization’s chairman.

The declaration of the new economic zones, which will be situated in Riyadh, Jazan, Ras al-Khair, and King Abdullah Economic City, north of Jeddah, is in keeping with the Crown Prince’s commitment to enhancing Saudi Arabia’s leading position as a top location for foreign investment. Saudi Arabia is open for business and invites investors from all over the globe to experience firsthand the historic prospects we have to offer, the Crown Prince declared in a statement broadcast by the Saudi Press Agency.

The new Special Economic Zones, which were established today, will have a big influence on how business is conducted in the nation, generate tens of thousands of employment, and boost our GDP by billions of riyals. The new zones take use of Saudi Arabia’s advantageous location at the center of international commerce by establishing centers for enterprises in key growth industries to establish and build the businesses and technologies that will define the future. Building on the competitive advantages of each region, the Special Economic Zones (SEZs) will support current national strategies and establish new connections with international frameworks, supporting important sectors such as logistics, advanced manufacturing, technology, and other priority sectors for the Kingdom.

Competitive corporate tax rates, exemption from customs charges on imports of manufacturing inputs, machinery, and raw materials, 100% foreign ownership of enterprises, and flexibility to recruit and hire the finest personnel from across the world are all advantages for businesses operating in the new SEZs. Significant chances to grow the local economy, create employment, and localize supply chains will be presented by the new SEZs. They reflect a continuation of the Kingdom’s long-standing efforts to become a major center for global supply chains and a magnet for international investment, capitalizing on its strategic location at the crossroads of East and West. These SEZs provide lucrative and alluring opportunities for foreign investment with a comprehensive program of rules and incentives.

The King Salman International Airport in Riyadh recently launched the integrated logistics special zone, which is one of the four SEZs that are a continuation of earlier free zone projects in the Kingdom. Together, they constitute the beginning of a significant, extensive programme that will encourage foreign direct investment, draw the brightest minds from all over the world, and support entrepreneurship and economic growth in the Kingdom.

The Economic Cities and Special Zones Authority, which oversees the Special Economic Zones, offers fresh approaches to the problems that many multinational corporations face as they attempt to localize and fortify their supply chains. According to the SPA, they will assist the Kingdom in utilizing significant macroeconomic changes to build a truly differentiating business climate and activate new value chains and sectors.