Saudi Arabia has officially issued licenses to four new Special Economic Zones on Monday

Four additional Special Economic Zones have received formal licences from Saudi Arabia as of Monday. North of Jeddah, in Riyadh, Jazan, Ras Al-Khair, and King Abdullah Economic City, are the new economic zones. Investment Minister along with other ministers, Khalid Al-Falih, head of the Economic Cities and Special Zones Authority (ECZA), presented the licences during the Saudi Special Zones Investment Forum in Riyadh.

In his opening remarks at the event, Al-Falih discussed how Special Economic Zones assist the Kingdom's capacity to leverage its regional and international economic accords. "We have closed SR285 billion worth of deals across various sectors, ranging from automotive to ICT, from agriculture to aerospace, and from petrochemicals to mining and renewable energy."

He stated: "The Kingdom inspires confidence across multiple social, economic, and business indicators — from investor sentiment & trust in government to digital competitiveness, road connectivity, cybersecurity, & quality of port operations." Our special economic zones (SEZs) are purpose-built to maximise possibilities and reduce friction across important industries. They are forward-looking, creative, and focused on attracting FDI. As part of a larger "Industrial Policy" "comeback" trend, Al-Falih continued, "We're seeing SEZs gain renewed relevance globally, where sizable incentive packages and a new generation of SEZs are used to attract FDI in targeted supply chains."

The new zones take use of Saudi Arabia's advantageous location at the centre of international commerce by establishing centres 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.