Saudi Arabia Approves Regulatory Frameworks for Four Special Economic Zones
Saudi Arabia has approved regulatory frameworks for four Special Economic Zones (SEZs) located in Jazan, the Cloud Computing Zone, King Abdullah Economic City, and Ras Al-Khair, as part of its drive to attract investment and diversify the economy.
The zones are designed to boost competitiveness by offering tailored incentives and governance structures, targeting sectors including advanced manufacturing, maritime logistics, cloud technology, and energy-related industries, the Saudi Press Agency reported.
The SEZ initiative is a key pillar of the Kingdom’s Vision 2030 economic transformation plan, which seeks to reduce reliance on oil revenues by drawing foreign direct investment and developing new growth engines through infrastructure and industrial development.
Investment Minister Khalid Al-Falih welcomed the Cabinet’s approval, thanking the leadership in a social media post for supporting efforts to improve the business environment, attract investment, and enhance the competitiveness of the national economy.
The Cabinet meeting, chaired by King Salman bin Abdulaziz Al Saud, also approved a series of cooperation agreements and memoranda of understanding. These included energy cooperation with Pakistan, healthcare collaboration with Iraq, and a digital communications agreement with Palestine.
Additional approvals covered cooperation with Hungary’s judiciary, as well as agreements with UNESCO and the World Economic Forum. The Cabinet also approved the establishment of a commercial and economic office for Hong Kong’s Special Administrative Region in Riyadh, highlighting expanding trade and investment ties with Asian financial hubs.
On infrastructure, ministers noted the launch of the third phase of Riyadh’s major road development program, aimed at improving connectivity and positioning the capital as a regional hub for sustainable transport and logistics.
Other decisions included Saudi Arabia’s accession to the Beijing 2010 Convention on the suppression of unlawful acts against international civil aviation, amendments to the governance of the General Authority for Defense Development, and the closure of national and regional tourism development councils.
The Cabinet also approved final accounts for several government agencies, ordered further review of annual performance reports from regulatory bodies and strategic institutes, and confirmed a number of senior appointments and promotions as part of ongoing administrative reforms.
