The Special Economic Zones in Saudi Arabia will 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.”

The SEZs will cover a wide range of industries, and will ensure seamless economic activities such as investment, trade and employment, “by providing competitive advantages and legislative frameworks that differ from the base economy,” the statement said.

Through this program, Saudi Arabia will be able to “fast-track certain reforms and facilitate the ease of doing business across the country.”

Companies will receive both fiscal and non-fiscal incentives, which include competitive corporate tax rates, duty-free imports of machinery and raw materials, 100 percent foreign ownership, seamless set-up procedures, and flexibility to employ foreign labour, the statement said.