Saudi Arabia recently launched a new campaign aimed at drawing foreign talent and businesses to its Special Economic Zones (SEZs). Its strategy focuses on enhancing the Kingdom’s investment landscape by offering tax exemption packages, streamlined visas and regulatory incentives.
SEZs Targeting Logistics, Manufacturing and Technology Companies
The initiative is led by the Economic Cities and Special Zones Authority (ECZA) in collaboration with several other stakeholders. These include the Zakat, Tax and Customs Authority and the Ministry of Human Resources and Social Development. Notably, these partnerships across government institutions are key to enabling a more competitive, investor-friendly environment to attract global business. As a result, such new incentives are designed to improve operational efficiency and minimise regulatory friction. Accordingly, these zones are envisioned as high-growth areas tailored for global logistics, manufacturing and technology companies. The overall goal aims to create SEZs that are the most attractive destinations for investment in the MENA region.
Key Partnerships Will Establish Dedicated Arbitration Mechanisms
Notably, a partnership with the Ministry of Justice and the Saudi Centre for Commercial Arbitration will establish dedicated arbitration and reconciliation centres. Based in the SEZs, these will be modelled on international standards and aim to enhance legal certainty. Furthermore, they will offer more efficient dispute-resolution mechanisms for businesses. Additional agreements with the Saudi Standards, Metrology and Quality Organization (SASO) and the Saudi Food and Drug Authority (SFDA) aim to reduce regulatory bottlenecks. As a result, they aim to simplify market access for goods and services entering the Kingdom of Saudi Arabia.
Expanding and Improving Digital Integration
The campaign also focuses on improving digital integration. Accordingly, the ECZA is expanding its centralised digital platform – the One-Stop-Shop portal – that connects investors with relevant government agencies. Consequently, such improvements will assist in accelerating business licensing and operational approvals. Further enhanced data-sharing tools across government platforms are expected to improve transparency and ease of doing business.
Soutien Group Can Help You Set Up Business in Saudi Arabia
Soutien Group is part of a network of consultants, partners and investors. Our clients are corporate, private and international with an interest in exploring new markets. We can offer expertise in Market Research and Assessment Saudi, Saudi Business Case, Saudi Business Model Development, Feasibility Study and Business Plan Saudi, Organizational and Operational Structuring Saudi, Saudi Sponsorship and Partnership, Company Formation Saudi among others.
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