{"id":182086,"date":"2020-12-25T11:53:43","date_gmt":"2020-12-25T11:53:43","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=182086"},"modified":"2021-01-21T12:36:17","modified_gmt":"2021-01-21T12:36:17","slug":"minister-says-saudi-has-economic-zones-of-competitive-advantages","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/minister-says-saudi-has-economic-zones-of-competitive-advantages\/","title":{"rendered":"Minister says Saudi arabia has Competitive economic zones"},"content":{"rendered":"\n<p>The Saudi Minister of Commerce Majid Al Qasabi said that promoting special economic zones is an integral part of the economic transformation plan part of the <a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwjq3_j6hK3uAhVgURUIHU5YDckQFjAOegQIRhAC&amp;url=https%3A%2F%2Fwww.vision2030.gov.sa%2Fen&amp;usg=AOvVaw0dlJ_uiekz23ciK9xiK-Ke\">Saudi 2030 Vision<\/a>.<\/p>\n\n\n\n<p>Al-Qasabi added that the Kingdom&#8217;s distinguished location, making it as a bridge between the three continents, and abundance of natural and human resources, gives its economic zones a competitive advantage.<\/p>\n\n\n\n<p>He said that the country is currently planning to establish special economic zones for major competitive industries and services.<\/p>\n\n\n\n<p>Al-Qasabi said that a multi-sector approach will be used to bring together relevant government agencies on one hand, and bodies and investors at the local and international levels on the other.<\/p>\n\n\n\n<p>Lessons learned from all parts of the world show that effective special economic zones are powerful factors to support economic development, he said.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>Attracting foreign investment<\/strong><\/h5>\n\n\n\n<p>Al-Qasabi said that these economic zones would provide the necessary infrastructure to attract direct foreign investment.<\/p>\n\n\n\n<p>He said that the special economic zones will stimulate the trend towards specialization and transferring expertise between groups.<\/p>\n\n\n\n<p>They will also act as launch bases for exports and enable the government to test policies and regulatory reforms before using them on the main economy.<\/p>\n\n\n\n<p>Minister of Investment Khaled Al-Falih said, during the 2021 Budget Forum in Riyadh, that the free economic zones to be launched in Saudi Arabia are under final government review.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>Financial sector<\/strong><\/h5>\n\n\n\n<p>The kingdom has established a sound regulatory and financial infrastructure, in accordance with standards, financial principles and payment systems similar to those applied in major industrial countries.<\/p>\n\n\n\n<p>This has resulted in the availability of a strong banking sector that benefits from management expertise and the latest internationally advanced technologies.<\/p>\n\n\n\n<p>The financial sector provides its various services to the growing and developing commercial sector, which is what this financial infrastructure has distinguished for in terms of reliability and credibility.<\/p>\n\n\n\n<p>The financial system of Saudi Arabia consists of the central bank (Saudi Arabian Monetary Authority), several specialized commercial banks, and the stock market.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>Banking sector<\/strong><\/h5>\n\n\n\n<p>The Saudi banking sector is organized according to the Banking Control Law issued by royal decree in 1966.<\/p>\n\n\n\n<p>The government\u2019s contribution to commercial bank shares is less than 10%, as sufficient liquidity enables financing at fair prices.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Saudi Minister of Commerce Majid Al Qasabi said that promoting special economic zones is an integral part of the economic transformation plan part of the Saudi 2030 Vision. Al-Qasabi added that the Kingdom&#8217;s distinguished location, making it as a bridge between the three continents, and abundance of natural and human resources, gives its economic [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":181620,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[576],"class_list":["post-182086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-saudi-arabia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Minister says Saudi arabia has Competitive economic zones - Bnreport<\/title>\n<meta name=\"description\" content=\"Bnreport - Business - Minister of Commerce said Saudi economic zones is an integral part of Saudi 2030 Vision economic transformation plan\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/minister-says-saudi-has-economic-zones-of-competitive-advantages\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Minister says Saudi arabia has Competitive economic zones - 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