Saudi Arabia to open economic zones as part of National Investment Strategy, says Al Falih

Saudi Arabia to open economic zones as part of National Investment Strategy, says Al Falih
Khalid Al Falih (Getty)
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Updated 14 October 2021

Saudi Arabia to open economic zones as part of National Investment Strategy, says Al Falih

Saudi Arabia to open economic zones as part of National Investment Strategy, says Al Falih

RIYADH: Saudi Arabia's National Investment Strategy will include 40 initiatives, including the opening of economic zones, Minister of Investment Khalid Al Falih revealed.

The Kingdom will see the opening of the economic zones soon, Al Falih said during an interview with Al Arabiya, without providing a time frame. 

“We want Saudi Arabia to be able to provide international supply chains and the opportunity is currently available, and we also aim that the Kingdom becomes an essential supplier of vital commodities to the world,” he explained. 

Al Falih pointed out the importance of digital transformation, logistic zones, developing the tourism sector, and developing industry, as well as creating special economic zones for traditional sectors, as an essential element for investment in the Kingdom.

The Kingdom aims to be the headquarters for exporting the products of international companies, he said.


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The company, which entered the UAE market in 2020 after being selected as a leading service provider by the Roads & Transport Authority (RTA), said in a statement that the funding provides TIER with additional resources to fulfil its mission to "change mobility for good by providing the safest, most equitable and sustainable mobility solution in the market."


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DUBAI: Saudi telecom firm Zain KSA posted a net profit of SR143 million ($38.1 million) in the first nine months of 2021, a 36 percent drop from the same period last year. 

The decline is due to a 1 percent drop in revenue, as well as rising revenue costs by 19 percent, the company said in a bourse filing. 

Lowering operating expenses and the results of the capital restructuring last year helped compensate for the fall, it added. 


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Iraq, Saudi ACWA Power close to signing a solar energy agreement

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The ministry said it is close to signing the agreement with the Saudi utility company to generate 1,000 megawatts of solar power in the Najaf Governorate.