Saudi Arabia: Crown Prince, launching four special economic zones

[The SC]

In a huge and pivotal step in the history of commercial supply chains for the Middle East region, His Highness the Saudi Crown Prince announces the launch of four special economic zones in the Kingdom that represent a new opening for investors from all over the world:
- Riyadh
- Jizan
-Ras Al-Khair
- King Abdullah Economic City

Urgent:

The Crown Prince launches four special economic zones in the Kingdom that open new horizons for investors from all over the world.

https://twitter.com/x/status/1646598092110561280

Crown Prince:

The four special economic zones will open new horizons for development, relying on the competitive advantages of each region to support vital and promising sectors, including logistics, industry, technology and other priority sectors for the Kingdom.

https://twitter.com/x/status/1646598427646611484

Crown Prince:

The new special economic zones are strategically located in Riyadh, Jazan, Ras Al-Khair, and King Abdullah Economic City, north of Jeddah.

https://twitter.com/x/status/1646598653585379335

Crown Prince Mohammed bin Salman:

Special economic zones enjoy legislative systems and special regulations for economic activities that would make these zones among the most competitive in the world to attract the most important qualitative investments.

https://twitter.com/x/status/1646598960805564429

Crown Prince:

Special economic zones provide tremendous opportunities for developing the local economy, creating jobs, transferring technology, and localizing industries.

https://twitter.com/x/status/1646599224253992986

Crown Prince:

The four economic zones will open wide areas for the development of the Saudi business community, as the special economic zones integrate with the basic economy, and provide a fertile ground for achieving the goals of sectoral strategies that serve Saudi Vision 2030.

https://twitter.com/x/status/1646599514906607617

Crown Prince:

It will allow Saudi companies to benefit from the value added by the special economic zones at all levels of supply chains, and in various sectors.

https://twitter.com/SaudiNews50/status/1646599665452830737?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1646599665452830737%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=

Crown Prince:

Special economic zones constitute integrated logistical and industrial platforms, centered around the investor, to provide an exceptional investment experience.

https://twitter.com/SaudiNews50/status/1646599895405543424?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1646599895405543424%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=

Crown Prince:

The four economic zones consolidate the Kingdom's position as a transit gateway to the Middle East and Africa, and a link between the East and West markets.

https://twitter.com/SaudiNews50/status/1646600063899037698?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1646600063899037698%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=

Urgent:

Crown Prince Mohammed bin Salman:

The Kingdom will be a global destination for investment.

https://twitter.com/SaudiNews50/status/1646600451691892754?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1646600451691892754%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=

Crown Prince:

A number of strategic initiatives will be announced later to make the Kingdom a vital hub that supports global supply chains.

https://twitter.com/SaudiNews50/status/1646600756684808192?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1646600756684808192%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=

Urgent:

Incentives offered to companies in the four economic zones announced by the Crown Prince:

- Competitive tax rates

- Exemptions for imports, production inputs, machinery and raw materials from customs duties

- 100% foreign ownership allowed.

- The ability to attract the best global human resources

https://twitter.com/SaudiNews50/status/1646601373411168285?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1646601373411168285%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=

The four special economic zones are the first phase of a long-term program aimed at attracting international companies, encouraging foreign direct investment, and promoting the growth of future qualitative sectors.

https://twitter.com/SaudiNews50/status/1646601645990596633?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1646601645990596633%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=

Saudi Arabia.. the four economic zones will have their imports and machinery exempt from customs duties.

https://twitter.com/SaudiProject/status/1646608508329119754

Prince Mohammed bin Salman: The economic zones will support the logistical, industrial and technical sectors..

https://twitter.com/AlArabiya_Brk/status/1646600645204385792?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1646600645204385792%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=

 

[Ich]

makes sense

 

[The SC]

The Saudi Public Investment Fund is eyeing $3 trillion in assets by 2030​

In February 2022, PIF opened three new offices in London, New York and Hong Kong in line with its global expansion plans.

The expansion of these offices is a part of the fund’s 2021-2025 strategy to grow its assets under management to $1.07 trillion by the end of 2025 while continuing to create new sectors, companies and jobs.

PIF Governor Yasir Al-Rumayyan said he had a detailed strategy to increase the fund’s assets between $2 trillion to $3 trillion by the end of this decade.

“We want to reach $1 trillion by 2025. And we are now almost less than $700 billion. So we need close to $400 billion to reach this size of assets,” said Al-Rumayyan, during an interview given to the Thmanyah podcast.

He added: “We have a complete plan from now till 2030 on how to reach a trillion and reach between $2 to $3 trillion, and His Highness Crown Prince is determined to reach it.”


https://www.arabnews.com/node/2221546/business-economy

 

[Rusty2]

None of this matters until SA citizens are willing to do hard work.
When a sports team wins a championship, people applaud the players who did the hard work, not the bankers who moved money around.

 

[chinasun]

There are many Chinese companies in the four special economic zones in Saudi Arabia. Pakistani science and technology talents are welcome.

 

[HGV]

Very ambitious. There is a lot of reason to be sceptical given previous similar plans of King Fahd that didn't come to fruition, and the apparent lunacy of some of the projects (which seem to transfer wealth to Western consultants and lack common sense).

However, a lot of this is also prudent and makes sense for a country blessed with an abundance in finite natural resources that wants to future-proof its economy.

Recent steps by the Saudi leadership to cease interference and aggression in certain arenas across the region, and to resume the pursuit of diplomacy instead, suggest sincerity in these goals.

 

[The SC]

And space exploration too!

His Highness the Crown Prince, Chairman of the Supreme Space Council, receives the crew of Saudi astronauts before the launch of their scientific journey to the International Space Station..

His Highness the Crown Prince to the Saudi astronauts: You represent the capabilities of the Saudi people through your ambitions to contribute innovations and space research to find sustainable solutions for the good of humanity..

https://twitter.com/x/status/1647763629373108225