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Crown Prince Launches 4 New Special Economic Zones in Saudi Arabia

Prince Mohammad bin Salman bin Abdulaziz, Crown Prince, Prime Minister and Chairman of the Council for Economic and Development Affairs, launched four new Special Economic Zones in Saudi Arabia. (SPA)
Prince Mohammad bin Salman bin Abdulaziz, Crown Prince, Prime Minister and Chairman of the Council for Economic and Development Affairs, launched four new Special Economic Zones in Saudi Arabia. (SPA)
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Crown Prince Launches 4 New Special Economic Zones in Saudi Arabia

Prince Mohammad bin Salman bin Abdulaziz, Crown Prince, Prime Minister and Chairman of the Council for Economic and Development Affairs, launched four new Special Economic Zones in Saudi Arabia. (SPA)
Prince Mohammad bin Salman bin Abdulaziz, Crown Prince, Prime Minister and Chairman of the Council for Economic and Development Affairs, launched four new Special Economic Zones in Saudi Arabia. (SPA)

Prince Mohammad bin Salman bin Abdulaziz, Crown Prince, Prime Minister and Chairman of the Council for Economic and Development Affairs, launched on Thursday four new Special Economic Zones in Saudi Arabia in line with his commitment to strengthening the Kingdom's position as a global investment destination.

The new Special Economic Zones are located in Riyadh, Jazan, Ras al-Khair and King Abdullah Economic City.

Crown Prince Mohammad stressed that Saudi Arabia welcomes investors from all around the world to see first-hand the historic opportunities it has to offer. The new Special Economic Zones (SEZs) will significantly impact how business is done in the country, create tens of thousands of jobs, and contribute billions of riyals to the GDP, he said.

He added that the new zones draw on the Kingdom’s strategic location at the heart of global trade, creating new hubs for businesses across key growth sectors to launch and scale the companies and technologies that will shape the future.

The SEZs will support existing national strategies and create new linkages with international frameworks, building on the competitive advantages of each region to support key sectors including logistics, advanced manufacturing, technology and other priority sectors for the Kingdom.

Benefits for companies operating in the new SEZs include competitive corporate tax rates, exemption from customs duties on imports, production inputs, machinery and raw materials, 100% foreign ownership of companies, and flexibility to attract and hire the best talent worldwide.

Crown Prince Mohammed emphasized that the new zones will provide tremendous opportunities to develop the local economy, generate jobs and localize supply chains. They represent a continuation of the Kingdom’s long-running initiatives to transform into a global investment destination, and a vital hub for global supply chains, capitalizing on its position at the heart of global trade routes, at the crossroads between East and West.

With a detailed program of regulations and incentives for business activities, these SEZs offer rewarding and attractive offers for foreign investment. The program will allow for the acceleration of the required reforms to facilitate doing business in all parts of the Kingdom.

These four SEZs build on previous free zone initiatives in the Kingdom, including the recent launch of the integrated logistics special zone in the King Salman International Airport in Riyadh. Together, they represent the first phase of a major, long-term program aimed at encouraging foreign direct investment, attracting the most talented professionals from around the world and promoting entrepreneurship and economic development within the Kingdom.

The SEZs, regulated by the Economic Cities and Special Zones Authority, provide new solutions to the challenges facing many global businesses as they look to localize and strengthen their supply chains. They will help the Kingdom take advantage of key macroeconomic shifts to create a truly differentiated business environment, activating new sectors and value chains.

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Business

Oil Edges Down with Ukraine Peace Talks, US Rate Decision in Spotlight

FILE PHOTO: A general view shows the West Qurna-2 oilfield in southern Basra, Iraq, April 17, 2017. REUTERS/Essam Al-Sudani/File Photo/File Photo
FILE PHOTO: A general view shows the West Qurna-2 oilfield in southern Basra, Iraq, April 17, 2017. REUTERS/Essam Al-Sudani/File Photo/File Photo
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Oil Edges Down with Ukraine Peace Talks, US Rate Decision in Spotlight

FILE PHOTO: A general view shows the West Qurna-2 oilfield in southern Basra, Iraq, April 17, 2017. REUTERS/Essam Al-Sudani/File Photo/File Photo
FILE PHOTO: A general view shows the West Qurna-2 oilfield in southern Basra, Iraq, April 17, 2017. REUTERS/Essam Al-Sudani/File Photo/File Photo

Oil prices edged down on Tuesday, extending losses from the 2% drop in the previous session, with markets keeping a close eye on peace talks to end Russia's war in Ukraine and a looming decision on US interest rates.

Brent crude futures were down 8 cents, or 0.1%, to $62.41 a barrel at 0409 GMT. US West Texas Intermediate crude was at $58.75, down 13 cents, or 0.2%.

Both contracts fell by more than $1 a barrel on Monday after Iraq restored production at Lukoil's West Qurna 2 oilfield, one of the world's largest, said Reuters.

"Brent's slip back toward the $62 (is) aligning seamlessly with the broader December narrative," said Phillip Nova's senior market analyst Priyanka Sachdeva. "The noise around potential Iraqi disruptions faded overnight, and the market quickly reverted to its core theme of ample supply and cautious demand expectations."

Ukraine will share a revised peace plan with the US after talks in London between its President Volodymyr Zelenskiy and the leaders of France, Germany and Britain.

"Oil is keeping to a tight trading range until we get a better idea of which way the peace talks will go," KCM Trade chief market analyst Tim Waterer said.

"If the talks break down, we expect oil to move higher, or if progress is made, and there is a likelihood of Russian supply to the global energy market resuming, prices would be expected to drop," he added.

According to sources familiar with the matter, the Group of Seven countries and the European Union are in talks to replace a price cap on Russian oil exports with a full maritime services ban in a bid to reduce Russia's oil revenue.

Also on the radar is the Federal Reserve's policy decision due on Wednesday, with markets pricing in an 87% probability of a quarter-point rate reduction.

Lower interest rates typically are a positive driver for oil demand given the decrease in borrowing costs, though some analysts were cautious about how much impact this could have on oil prices for now.

"Although markets are largely invested in upcoming FED policy decision on Wednesday for a possible 25bp cut, something that could lend short-term support at the lower end of the $60–65 band, the broader price structure remains anchored by expectations of an oversupplied 2026 (oil market)," said Phillip Nova's Sachdeva.

Business

Morocco to Open Two Deepwater Ports in 2026 and 2028, Minister Says

A general view of Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. (Reuters)
A general view of Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. (Reuters)
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Morocco to Open Two Deepwater Ports in 2026 and 2028, Minister Says

A general view of Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. (Reuters)
A general view of Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. (Reuters)

Morocco will open a new deepwater Mediterranean port next year and another on the Atlantic in 2028, Equipment and Water minister Nizar Baraka said, as the North African country aims to replicate the success of Africa's largest port, Tanger Med.

Nador West Med, under construction on the Mediterranean, is scheduled to be operational in the second half of 2026, Baraka told Reuters in an interview.

It will offer 800 hectares for industrial activity, with plans to expand to 5,000 hectares, surpassing Tanger Med's industrial zones, he said.

The port will also host Morocco's first liquefied natural gas (LNG) terminal - a floating storage and regasification unit (FSRU) - linked by a pipeline to industrial hubs in the northwest, as Morocco pushes investments in natural gas and renewable energy to reduce dependence on coal.

Further south on the Atlantic coast, Morocco is building a $1 billion port in Dakhla, in the disputed Western Sahara region.

The facility will be surrounded by 1,600 hectares for industrial activities and 5,200 hectares for farmland irrigated by desalinated water, Baraka said.

"The port will be ready in 2028 and will be Morocco's deepest at 23 meters," Baraka said. Such depth would support heavy industries focused on processing raw materials from Sahel countries, he said.

Officials have marketed Dakhla as a gateway for landlocked Sahel nations to global trade.

Both Nador and Dakhla ports will include quays dedicated to exporting green hydrogen once production begins, Baraka said.

Nador and Dakhla would be Morocco's third and fourth deepwater ports after Tanger Med and Jorf Lasfar, an energy, bulk cargo and phosphates exports port on the Atlantic.

By 2024, industrial zones near Tanger Med hosted 1,400 firms employing 130,000 people across sectors including automotive, aeronautics, textiles, agri-food and renewable energy, official figures show.

Morocco is also considering building a port in Tan-Tan on the Atlantic in partnership with green hydrogen investors, Baraka said. "We are conducting studies to decide the appropriate size of the port," Baraka said.

Business

Saudi Arabia, Qatar Sign High-Speed Railway Project Implementation Agreement

The project is slated for completion in six years, utilizing the latest railway technologies and smart engineering to ensure safe and seamless operation and to adhere to the highest international standards of quality and safety - SPA
The project is slated for completion in six years, utilizing the latest railway technologies and smart engineering to ensure safe and seamless operation and to adhere to the highest international standards of quality and safety - SPA
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Saudi Arabia, Qatar Sign High-Speed Railway Project Implementation Agreement

The project is slated for completion in six years, utilizing the latest railway technologies and smart engineering to ensure safe and seamless operation and to adhere to the highest international standards of quality and safety - SPA
The project is slated for completion in six years, utilizing the latest railway technologies and smart engineering to ensure safe and seamless operation and to adhere to the highest international standards of quality and safety - SPA

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and Emir of the State of Qatar Sheikh Tamim bin Hamad Al Thani witnessed the signing of an agreement to implement a high-speed electric passenger railway project connecting the Kingdom of Saudi Arabia and the State of Qatar, a step reflecting the deep-rooted fraternal and historical relations between the two countries.

The agreement was signed by Minister of Transport and Logistic Services Saleh Al-Jasser and Minister of Transport of Qatar Sheikh Mohammed bin Abdulla bin Mohammed Al Thani within the framework of the Saudi-Qatari Coordination Council, representing a strategic step aimed at enhancing cooperation, developmental integration, and sustainable development, and demonstrating a shared commitment to regional prosperity, SPA reported.

The high-speed railway line spans 785 kilometers, strategically connecting the capital cities of Riyadh and Doha, and will pass through key stations including Hofuf and Dammam, while also linking King Salman International Airport and Hamad International Airport.

The train will form a new artery for rapid and sustainable transportation, improving the regional travel experience with speeds exceeding 300 kilometers per hour, reducing travel time between the two capitals to approximately two hours, significantly enhancing mobility, boosting trade and tourism, and improving quality of life.

The project is slated for completion in six years, utilizing the latest railway technologies and smart engineering to ensure safe and seamless operation and to adhere to the highest international standards of quality and safety.

It is expected to have an economic impact of nearly SAR115 billion on the GDP of both countries, serve over 10 million passengers annually, and create more than 30,000 direct and indirect jobs.

The high-speed railway will also contribute to environmental sustainability by reducing carbon emissions and supporting the transition to more efficient and innovative transportation patterns for smart and sustainable mobility in the region.

This makes the rail line one of the most important strategic projects supporting regional development and strengthening connectivity and integration among the Gulf Cooperation Council countries.