Friday, September 12, 2025
  • Who’sWho Africa AWARDS
  • About Time Africa Magazine
  • Contact Us
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
No Result
View All Result
  • Home
  • WHO’SWHO AWARDS
  • News
  • Magazine
  • World News

Home » World News » Saudi Arabia’s Crown Prince launches four new economic zones with special benefits

Saudi Arabia’s Crown Prince launches four new economic zones with special benefits

April 14, 2023
in World News
0
540
SHARES
4.5k
VIEWS
Share on FacebookShare on Twitter

Saudi Arabia’s Crown Prince Mohammed bin Salman launched four new special economic zones in the Kingdom to strengthen its position as a global investment destination, state news agency SPA reported on Friday.

Companies operating within these zones can expect to receive several benefits including, competitive corporate tax rates, exemption from customs duties on imports, production inputs, machinery and raw materials, and flexibility to hire the most competent talent from anywhere in the world.

In addition, foreigners will enjoy 100 percent ownership of their companies in the four economic zones which are situated in Riyadh, Jazan, Ras al-Khair and King Abdullah Economic City.

The Crown Prince said: “Saudi Arabia is open for business and welcomes investors from all around the world to see first-hand the historic opportunities we have to offer. 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.”

The Special Economic Zones (SEZs) are expected to further “develop the local economy, generate jobs, and localize supply chains,” according to SPA.

Nazar Musa, CEO, PRO Partner Group, told Al Arabiya English: “The announcement by Crown Prince Mohammed bin Salman on the establishment of four new special economic zones in Saudi Arabia means a number of things for the Saudi Arabian economy and the expanding opportunities for businesses looking to set up in the Kingdom.”

“Outside of the economic benefits that will arise from the Special Economic Zones such as competitive corporate tax rates, exemptions on customs duties and potentially attractive legal framework, these zones will create an attractive sector campus atmosphere, and should offer a significant draw for companies much like what we saw during the commercial development of the Freezone areas in the UAE.”

“These creative ‘hubs’ will open opportunities for knowledge sharing and talent and human capital acquisition for companies that set up in these economic zones. This development in Saudi Arabia is the next logical step in a bid to compete against its neighboring GCC countries to attract foreign companies and significant inward investment.”

ReadAlso

Saudi Arabia Executes Seven Africans In One Day Over Drug-Related Offenses

How Saudi Arabia’s Sleeping Prince was kept alive For 20 years on a hospital ventilator

ADVERTISEMENT
Tags: Crown Prince Mohammed bin SalmanEconomicGlobal InvestmentSaudi Arabia
ADVERTISEMENT
Previous Post

Achraf Hakimi, African footballer who saw deceit way before …divorce drama as wife discovers he owns ‘nothing’

Next Post

Ethiopia, Kenya to become Sub-Sahara’s 3rd and 4th largest economies after Nigeria, South Africa

You MayAlso Like

World News

Brazil’s former president Jair Bolsonaro sentenced to 27 years in jail for election coup plot

September 12, 2025
US

Charlie Kirk Fatal Shooting: America Blisters With Hate and Violence

September 11, 2025
World News

Nepal PM resigns after deadly crackdown on youth protests

September 11, 2025
World News

Nepal crisis: Army deployed as death toll rises amid political turmoil

September 11, 2025
Israel-Hamas

Netanyahu tells Qatar to expel Hamas leaders or bring them to justice: ‘If you don’t, we will’

September 10, 2025
UAE

Netanyahu is an unhinged narcissist, says furious Qatar

September 10, 2025
Next Post

Ethiopia, Kenya to become Sub-Sahara’s 3rd and 4th largest economies after Nigeria, South Africa

The dove or the dog: China makes peace while baring teeth

Discussion about this post

How the Church’s Inaction Emboldened a Priest-Lawyer to Take Over Tansian University

“Go to Hell With the Bishop”: Catholic Priest Sparks Outrage After Disrupting Mass in Aba

“Hands Off My Brother’s Legacy!” — Prof. Akam Slams Fr. Obiorah Over Alleged Meddling at Late Msgr. Akam’s Tansian University

Gov Mbah Ignites Green Energy Revolution with Enugu Stove

How Unknown Hands Stole Tansian University

“Commercializing the Eucharist Must Never Be Tolerated”: Vatican Envoy Warns Nigerian Priests

  • British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

    1241 shares
    Share 496 Tweet 310
  • Maids trafficked and sold to wealthy Saudis on black market

    1066 shares
    Share 426 Tweet 267
  • Flight Attendant Sees Late Husband On Plane

    972 shares
    Share 389 Tweet 243
  • ‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

    904 shares
    Share 361 Tweet 226
  • Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

    735 shares
    Share 294 Tweet 184
  • Trending
  • Comments
  • Latest

British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

April 13, 2023

Maids trafficked and sold to wealthy Saudis on black market

December 27, 2022
Flight Attendant Sees Late Husband On Plane

Flight Attendant Sees Late Husband On Plane

September 22, 2023
‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

March 21, 2023
Chief Mrs Ebelechukwu, wife of Willie Obiano, former governor of Anambra state

NIGERIA: No, wife of Biafran warlord, Bianca Ojukwu lied – Ebele Obiano:

0

SOUTH AFRICA: TO LEAVE OR NOT TO LEAVE?

0
kelechi iheanacho

TOP SCORER: IHEANACHA

0
Goodluck Ebele Jonathan

WHAT CAN’TBE TAKEN AWAY FROM JONATHAN

0

Brazil’s former president Jair Bolsonaro sentenced to 27 years in jail for election coup plot

September 12, 2025

Air Peace Disputes Media Reports on NSIB Probe, Reaffirms Commitment to Safety Protocols

September 12, 2025

Air Peace Pilots Test Positive for Alcohol, Cannabis After Port Harcourt Runway Overshoot

September 12, 2025

Charlie Kirk Fatal Shooting: America Blisters With Hate and Violence

September 11, 2025

ABOUT US

Time Africa Magazine

TIME AFRICA MAGAZINE is an African Magazine with a culture of excellence; a magazine without peer. Nearly a third of its readers hold advanced degrees and include novelists, … READ MORE >>

SECTIONS

  • Aviation
  • Column
  • Crime
  • Europe
  • Featured
  • Gallery
  • Health
  • Interviews
  • Israel-Hamas
  • Lifestyle
  • Magazine
  • Middle-East
  • News
  • Politics
  • Press Release
  • Russia-Ukraine
  • Science
  • Special Report
  • Sports
  • TV/Radio
  • UAE
  • UK
  • US
  • World News

Useful Links

  • AllAfrica
  • Channel Africa
  • El Khabar
  • The Guardian
  • Cairo Live
  • Le Republicain
  • Magazine: 9771144975608
  • Subscribe to TIME AFRICA biweekly news magazine

    Enjoy handpicked stories from around African continent,
    delivered anywhere in the world

    Subscribe

    • About Time Africa Magazine
    • Privacy Policy
    • Contact Us
    • WHO’SWHO AWARDS

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    No Result
    View All Result
    • WHO’SWHO AWARDS
    • Politics
    • Column
    • Interviews
    • Gallery
    • Lifestyle
    • Special Report
    • Sports
    • TV/Radio
    • Aviation
    • Health
    • Science
    • World News

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.