During the G20 panel on November 21, Saudi Arabia’s investment minister, Khalid A al-Falih, said the Gulf state plans to launch special economic zones (SEZs) in 2021.

Following its establishment last year, the Economic Cities and Special Zone Authority is preparing free zones and economic cities as part of the country’s 2030 Vision, whose headline act is set to be the megacity Neom.

Each SEZ will be focused on a target area, such as logistics, manufacturing, culture, digital, tourism and financial services, in a bid to attract investors. 

“They will give all the legal and financial incentives that these sectors and investors are looking for and will be open to Saudi, international and joint ventures, primarily targeting markets that don’t exist today and creating value for those participants,” he said. 

Mr al-Falih also remarked that foreign direct investment had risen year-on-year by 12% in the first half of 2020, adding that the country’s licensing for foreign investors is improving.

He stressed Saudi Arabia’s economic resilience in the face of the collapse in demand and oil prices.