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Economy

14 Oct 2021

Saudi Arabia to Boost Investment with Special Economic Zones

The Index Today

Saudi Arabia is revamping regulations and introducing new incentives to encourage business activity and attract investment from overseas. The government has created special economic zones for various “high priority” sectors under its new National Investment Strategy.

However, no detail has been provided about potential incentives so far. The government has vowed to boost local investment to 1.7 trillion riyals and foreign direct investment to 388 billion riyals per year. These new targets are nineteen times more than last year’s investment goals.

The Saudi prince plans to transform the nation into an investment powerhouse and a leading hub for business as well as talent. The new economic vision comes as a new route to diversify from dependence on oil in the region. Officials have already started offering incentives to businesses to encourage them to relocate their headquarters to Riyadh.

The new strategy comes includes other elements such as boosting competitiveness, supporting Saudi businesses, boosting international standing, reaching foreign markets and developing financial solutions for small business owners in the region.

©Photo: Bloomberg

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