Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman, has launched four new Special Economic Zones in the kingdom, which are expected to create “tens of thousands of jobs, and contribute billions of riyals” to GDP.
The new Saudi zones will be focused on key growth sectors, which includes advanced manufacturing, cloud computing, medical technology among others.
The zones are titled the ‘King Abdullah Economic City’ (KAEC) SEZ, ‘Jazan’ SEZ, ‘Ras Al Khair’ SEZ and ‘Cloud Computing’ SEZ located in King Abdulaziz City for Science and Technology (KACST).
The zones are also part of the kingdom’s efforts to achieve Saudi Arabia’s economic development coals under the Vision 2030 strategy.
According to Eng. Khalid Al-Falih, Chairman of the Economic Cities and Special Zones Authority and Minister of Investment, the SEZs will “offer the chance for foreign investors to have a stake in the world’s fastest growing economy.”
Saudi Secretary-General of the Authority, Mr. Nabil Khoja, added, the zones “will become engines of growth, increasing the Kingdom’s export competitiveness, attracting talent, boosting technology and improving our global links.”
