Riyadh, Saudi Arabia – Today marks a significant milestone in Saudi Arabia’s economic diversification strategy with the official launch of four new Special Economic Zones (SEZs) strategically located across the Kingdom.
The 4 New Zones
- King Abdullah Economic City (KAEC) SEZ: Focused on advanced manufacturing, medical technology, and electric vehicles.
- Jazan SEZ: Targeting heavy industries, minerals processing, and logistics due to its Red Sea port access.
- Ras Al-Khair SEZ: A maritime powerhouse focused on shipbuilding and rig fabrication.
- Cloud Computing SEZ (Riyadh): A virtual zone designed for tech giants to establish data centers for the region.
Incentives for Investors
Companies operating within these SEZs will enjoy unprecedented benefits, including:
- 5% Corporate Income Tax (vs standard 20%) for up to 20 years.
- 0% Customs duties on imports of machinery and raw materials.
- 100% Foreign ownership with no Saudi partner requirement.
- Exemption from Saudization (Nitaqat) requirements for the first 5 years.