Mohammed bin Salman announces good news to all citizens and special privileges to all residents, expatriate workers and foreigners
Four new special economic zones were inaugurated in Saudi Arabia, on Thursday, at the initiative of Saudi Crown Prince Mohammed bin Salman, as part of a major program to encourage international investment in the kingdom. This comes within the framework of the Kingdom’s efforts to diversify its economy and reduce dependence on oil as a major source of income.
The importance of the economic initiative
The launch of the new economic zones in Saudi Arabia aims to promote international investment, attract international companies to invest in the Kingdom, and provide new job opportunities.
This initiative comes within the framework of the National Economic Transformation Plan “Vision 2030”, which aims to diversify the Kingdom’s economy and achieve sustainable development.
New Special Economic Zones
Four new special economic zones have been launched in Saudi Arabia, namely:
- The economic zone in Riyadh.
- Jizan Economic Zone.
- The economic zone in Ras Al-Khair.
- King Abdullah Economic City.
Mohammed bin Salman: The Saudi Crown Prince launches four economic zones with special privileges for all foreigners
These areas are characterized by the fact that they allow foreigners to own companies by 100 percent, and enjoy legislative systems and regulations for economic activities, which contribute to attracting international companies and encouraging foreign direct investment.
This step is a clear indication of Saudi Arabia’s commitment to enhancing the international investment environment and promoting a diversified and innovative economy.
These special economic zones provide attractive investment opportunities for international companies, and contribute to promoting innovation and developing promising sectors in the Kingdom.
The Kingdom is looking forward to promoting technology and innovation in these special economic zones, and encouraging international companies to transfer technology and knowledge to the Kingdom, which will enhance economic competitiveness and promote the development of innovative sectors.
These special economic zones can contribute to providing job opportunities and developing local skills and competencies, which promotes sustainable development in the Kingdom and contributes to achieving the Kingdom’s Vision 2030, which aims to transform and diversify the national economy.
In conclusion, the launch of these special economic zones in the Kingdom of Saudi Arabia represents a bold step towards making the Kingdom an attractive destination for international investment, promoting economic development and diversifying the Kingdom’s economy, and promoting technology and innovation.