On 14 April 2023, the Government of Saudi Arabia announced the launches of four new special economic zones (SEZs) across the country that offer the chance for foreign investors to have a stake in the world’s fastest-growing economy.

The newly launched SEZs are:

  • King Abdullah Economic City (KAEC) SEZ.
  • Jazan SEZ.
  • Ras Al-Khair SEZ.
  • Cloud Computing SEZ.

Key incentives offered by the SEZs:

  • Permanent 0% withholding tax on repatriation of profits.
  • 5% Corporate Income Tax rate for a maximum period of 20 years.
  • Exemption from customs duties on capital equipment and inputs.
  • 0% Value Added Tax (VAT) on intra-SEZ goods.
  • Flexibility and support for foreign talent during the initial five years.
  • Exemption from expat levy fees for employees and their families within the SEZs.