The Chairman of the Royal Commission for Jubail and Yanbu, Engineer Khaled Al-Salem, appreciated the announcement of the Crown Prince and Prime Minister, Prince Muhammad bin Salman bin Abdulaziz, to launch 4 economic zones, indicating that this confirms the Crown Prince's keenness to strengthen and diversify the national economy by improving the investment environment of the Kingdom under the leadership of the Custodian of the Two Holy Mosques. King Salman bin Abdulaziz Al Saud.
Al-Salem said: “The Royal Commission for Jubail and Yanbu is proud to include two of these four regions in Ras Al-Khair and Jazan in its cities,” indicating that the special regions in the cities of the Royal Commission will contribute to increasing the flow of direct domestic and foreign investments to the Kingdom, raising the volume of exports, and creating job opportunities. New projects and an increase in the Kingdom's participation in global value chains, which will reflect positively on the gross domestic product and on the main economic indicators.
Regarding the role that the Royal Commission will play in these areas, Al-Salem said: “There will be agreed governance and joint complementary work in these areas between the Royal Commission for Jubail and Yanbu and the Special Economic Cities and Zones Authority, so that the Commission will develop detailed designs and plans, and then develop the infrastructure according to the needs of These areas are subject to high standards, and these areas will be managed and operated according to the operational model of the Royal Commission “Comprehensive Management” according to its organization.
And he added, “The economic zone in Ras Al-Khair will constitute an addition to the Saudi economy in terms of attracting qualitative investments related to oil extraction platforms and casting and casting of metals, in addition to investments related to the industries of engines, iron, marine ships, and others, stressing that these areas require large numbers of qualified human cadres, It will contribute to creating new jobs.”
Al-Salem added, "The Jazan Special Economic Zone will contribute to attracting the food and mining industries, in addition to other investments related to the logistics services sector, and will result in the creation of new job opportunities."
With regard to the facilities and competitive advantages that will be granted to investors, Al-Salem explained that there are incentives, financial advantages and organizational flexibility, in addition to the operational services that are provided with high standards, all in accordance with a new legislative and procedural framework that speeds up the investor’s journey, as the one-stop-shop service applied in Cities will be implemented. The Royal Commission for the provision of services, which will provide high governance and speed in serving the investor.
The head of the Royal Commission said: “The total area of the two regions is about 46 square kilometers, and work is underway to develop these regions with the highest standards used to be a model for economic integration, as the area of the special economic zone for Ras Al-Khair is 20 square kilometers, while the area designated for Jazan is one of the largest private economic zones in the world.” At the level of the region, as it extends over an area of more than 26 square kilometers, and they were designed to take into account the current reality of the local economy, the tax structure, and commercial activity, in terms of import and export, as the financial, organizational and operational incentives were designed to constitute a competitive advantage for this region, taking into account their achievement of financial and environmental sustainability in the long term ».
At the end of his statement, the Chairman of the Royal Commission for Jubail and Yanbu welcomed investors to explore investment opportunities in the economic zones and benefit from financial advantages and organizational flexibility, in addition to operational services according to the one-stop service.
Okaz (Riyadh) @Okaz_online