RIYADH — Minister of Human Resources and Social Development Ahmed Al-Rajhi announced that exemption from implementing Saudization requirement is one of the incentives offered at the special economic zones in the Kingdom. “This is one of the incentives that were designed to ensure competitiveness and flexibility as far as global investors are concerned,” he said.
Addressing the Saudi Special Economic Zones Investment Forum here on Monday, Al-Rajhi said that investors at the special economic zones will get incentives from the Human Resources Development Fund (HADAF) if they choose to hire Saudis.
The investors will have the opportunity to benefit from the basic economy incentives if they decide to do so, he said. “The nature of the special economic zones announced today is to attract international companies in some industries in their early stages, as well as those companies that want to move to the Kingdom. This is why we have designed incentives through customized packages, after a very careful study of global and regional standards to ensure that these incentives are competitive and flexible in the eyes of global investors,” the minister said.
Al-Rajhi noted that the special economic zones will not be subject to the rules of Saudization compared to the basic economy. It is noteworthy that Saudi Arabia has officially issued licenses to four new Special Economic Zones on Monday. They are located in Riyadh, Jazan, Ras Al-Khair and King Abdullah Economic City, north of Jeddah.
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