Saudi Arabia's new special economic zones are “pivotal” to its present and future as a global investment destination, creating opportunities for sustainable business growth, the kingdom's Minister of Investment said.
These next-generation zones will enable the country to “win and play” in a fast-changing world economy and geopolitical environment, said Khalid Al Falih, who is also chairman of the board of directors of the Economic Cities and Special Zones Authority (ECZA).
“The zones are part of efforts to strengthen our standing as an investment hub and provide businesses with a launch pad for growth to new targeted markets,” he told the Saudi Special Economic Zones Investment Forum in Riyadh on Monday.
The zones will contribute to Saudi Arabia's economic transformation journey, boost the non-oil sector, create value for investors and help the kingdom to attract high-skilled talent, he said.
Saudi Arabia's capital formation to total investments grew by 31 per cent year-on-year to exceed one trillion Saudi riyals ($266.6 billion) in 2022, Mr Al Falih said.
Saudi Arabia’s new special economic zones, launched last month, have attracted $12.6 billion from investors across maritime, mining, manufacturing, logistics, and tech sectors. An additional $31 billion in investments is in the progress, it was announced in the forum.
The zones were launched to offer companies financial and non-financial incentives as the kingdom seeks to attract more foreign investment and position itself as a global business centre.
They will focus on the advanced manufacturing, cloud computing, medical technology and maritime sectors, all key growth areas.
The special economic zones are the King Abdullah Economic City, Jazan, Ras Al Khair and Cloud Computing, in the King Abdulaziz City for Science and Technology.
The zones were officially launched on Monday during the forum, with each being granted licences.
Government officials at the forum made the case for the continued relevance of economic zones globally amid a qualitative shift in FDI flows where investors are becoming more selective, while the trend is towards "friend-shoring".
Friend-shoring refers to manufacturing and sourcing from countries that are allies.
"Given these dynamics, let me ask a rhetorical question: Are SEZs still relevant for high-growth economies? The answer, in my mind, is a resounding 'yes'," Mr Al Falih said.
"Globally, SEZs have gain renewed relevance as part of [a] broader industrial policies comeback trend to attract FDI and supply chains."
Today's special economic zones must go beyond financial incentives and infrastructure to delivering "soft incentives", such as overcoming supply chain bottlenecks through business-enabling regulations, he said.
In October 2022, Saudi Arabia opened the Special Integrated Logistics Zone at King Khalid International Airport in Riyadh as part of plans to boost its cargo capacity, bolster supply chains and become a global logistics centre.
The development of the special zones is part of a broader economic transformation in the country as part of Vision 2030 – an initiative to reduce its reliance on oil, unlock the potential of the private sector to drive growth and put in place sweeping reforms to boost its business competitiveness.
The kingdom, which has a domestic market of more than 30 million people, recorded economic growth of 8.7 per cent in 2022 – one of the fastest among G20 economies.
The country plans to use its strategic location and resources to develop the most promising sectors, from advanced manufacturing to artificial intelligence, for sustainable economic growth in Saudi Arabia and the region, Mr Al Falih said.
About 13 per cent of global trade passes through the Red Sea and the kingdom's strategic location offers access to 70 per cent of the world’s population within eight hours’ flight time.
Saudi Arabia is placing “great emphasis” on putting in place a national special economic zones agenda and developing a network of competitive zones to boost investment in a wide range of industries, said ECZA secretary general Nabil Khojah.
“As the kingdom's economy grows and investors' needs evolve, we plan to expand our network of SEZs in the future,” he said in an introduction to a detailed brochure on the zones.
The existing network offers robust infrastructure and connectivity, supportive regulation, attractive incentives, competitive costs, local talent and an environment that “maximises opportunity while minimising risk for businesses”, he said.
The kingdom has placed specific "guard rails" to ensure that the special economic zones do not compete with or take away from the main economy's growth, Saudi Finance Minister Mohammed Al Jadaan said during a panel discussion at the forum.
Clear policies have been drawn to ensure that they do not "cannibalise" the base economy or each other, "otherwise it will be a race to the bottom", he said.
Mr Khoja told the forum that each zone has a specific cluster with a sector that either does not exist or has a minimal presence in the main economy, so they represent "enormous opportunities".
The Arab world's biggest economy is pushing to become one of top 15 global economies by 2030.
It is developing a series of projects in critical sectors ranging from tourism to manufacturing, and putting in place reforms to attract investment as part of its Vision 2030 programme.
In October, the kingdom launched the Global Supply Chain Resilience Initiative to support investments worth 40 billion riyals in its first two years.
The project will allocate 10 billion riyals in financial and non-financial incentives for investors as the country seeks to expand its transport sector and become a global logistics centre.
The new special economic zones are designed to hasten the development of key sectors within Saudi Arabia – from medical technology to maritime industries, and attract foreign investors.
“In a challenging and uncertain global economy, we offer unmatched opportunities and a government that is fully committed to doing whatever it takes to help you access these,” Mr Al Falih said in the brochure.
Mr Al Jadaan said the special economic zones were a "very important project" for Saudi Arabia's Vision 2030 as they are expected to attract more foreign direct investment, boost private sector participation and enhance local content.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
SQUAD
Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Mohammed Al Shamsi, Bandar Al Ahbabi, Mohammed Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Saeed Ahmed, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoun Al Zaabi, Ali Saleh, Caio Canedo, Muhammed Jumah, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
Top New Zealand cop on policing the virtual world
New Zealand police began closer scrutiny of social media and online communities after the attacks on two mosques in March, the country's top officer said.
The killing of 51 people in Christchurch and wounding of more than 40 others shocked the world. Brenton Tarrant, a suspected white supremacist, was accused of the killings. His trial is ongoing and he denies the charges.
Mike Bush, commissioner of New Zealand Police, said officers looked closely at how they monitored social media in the wake of the tragedy to see if lessons could be learned.
“We decided that it was fit for purpose but we need to deepen it in terms of community relationships, extending them not only with the traditional community but the virtual one as well," he told The National.
"We want to get ahead of attacks like we suffered in New Zealand so we have to challenge ourselves to be better."
WHEN TO GO:
September to November or March to May; this is when visitors are most likely to see what they’ve come for.
WHERE TO STAY:
Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.
HOW TO GET THERE:
Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.
Spec%20sheet
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%204.7%22%20Retina%20HD%2C%201334%20x%20750%2C%20625%20nits%2C%201400%3A1%2C%20True%20Tone%2C%20P3%3Cbr%3E%3Cstrong%3EChip%3A%3C%2Fstrong%3E%20Apple%20A15%20Bionic%2C%206-core%20CPU%2C%204-core%20GPU%2C%2016-core%20Neural%20Engine%3Cbr%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%2012MP%2C%20f%2F1.8%2C%205x%20digital%20zoom%2C%20Smart%20HDR%2C%20Deep%20Fusion%3Cbr%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%204K%2B%40%2024%2F30%2F60fps%2C%20full%20HD%2B%40%2030%2F60fps%2C%20HD%2B%40%2030%20fps%3Cstrong%3E%3Cbr%3EFront%20camera%3A%20%3C%2Fstrong%3E7MP%2C%20f%2F2.2%2C%20Smart%20HDR%2C%20Deep%20Fusion%3B%20HD%20video%2B%40%2030fps%3Cbr%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20Up%20to%2015%20hours%20video%2C%2050%20hours%20audio%3B%2050%25%20fast%20charge%20in%2030%20minutes%20with%2020W%20charger%3B%20wireless%20charging%3Cbr%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Touch%20ID%3Cbr%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP67%2C%20dust%2C%20water%20resistant%20up%20to%201m%20for%2030%20minutes%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1%2C849%3C%2Fp%3E%0A
Dubai World Cup prize money
Group 1 (Purebred Arabian) 2000m Dubai Kahayla Classic - $750,000
Group 2 1,600m(Dirt) Godolphin Mile - $750,000
Group 2 3,200m (Turf) Dubai Gold Cup – $750,000
Group 1 1,200m (Turf) Al Quoz Sprint – $1,000,000
Group 2 1,900m(Dirt) UAE Derby – $750,000
Group 1 1,200m (Dirt) Dubai Golden Shaheen – $1,500,000
Group 1 1,800m (Turf) Dubai Turf – $4,000,000
Group 1 2,410m (Turf) Dubai Sheema Classic – $5,000,000
Group 1 2,000m (Dirt) Dubai World Cup– $12,000,000
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday, February 8 v Kenya; Friday, February 9 v Canada; Sunday, February 11 v Nepal; Monday, February 12 v Oman; Wednesday, February 14 v Namibia; Thursday, February 15 final
UK%20record%20temperature
%3Cp%3E38.7C%20(101.7F)%20set%20in%20Cambridge%20in%202019%3C%2Fp%3E%0A
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
