Saudi Arabia is about to launch four categories of economic zones in the Kingdom, which will promise numerous gains for the investors from around the globe, says Mohammad Bin Salman, Crown Prince of Saudi Arabia.
The four economic zones are situated in Riyadh, Jazan, Ras-al-Khair, and King Abdullah Economic City. The outside investors may have a benefit to take 100 percent ownership of their organizations in these zones. Moreover, the organizations that will be operating in these zones will have following perks, such as, privilege of not paying custom duties on imports, corporate tax rates that are competitive in nature and, the authority to take decision regarding purchase of machinery, raw material, as well as to employ desired candidates from anywhere in the world.
In the words of Crown Prince of Saudi Arabia, “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.”
Moreover, this development in Saudi Arabia will help Kingdom compete from fellow GCC countries and attract potential investors and multi-national firms to invest in Saudi Arabia.
