Saudi Arabia launches economic zones to diversify growth

Opportunities for local and international investors just got bigger after Saudi Arabia unveiled four new special economic zones on Friday, boosting its plan of becoming a global business hub in line with its Vision 2030 strategy.

In recent years, Riyadh has been stepping up efforts to diversify its economy, which has traditionally been reliant on oil. The zones will help enhance the automobile supply chain, assembly of consumer goods, and processing and distribution of food products, strengthening marine value chains and cloud computing.

Khalid al-Falih, minister of investment and chairman of the Economic Cities and Special Zones Authority, or ECZA, said they were proud of the SEZs that offer opportunities for foreign investors "to have a stake in the world's fastest-growing economy".