China’s Baoshan Iron and Steel Co. has announced plans to invest $4 billion in a project in Saudi Arabia’s Ras Al-Khair’s new economic zone, aiming to boost the country’s manufacturing capacity. The investment is part of Saudi Arabia’s industrial outreach initiative to attract businesses to its special economic zones, offering preferential tax rates, customs duty exemptions, and allowing full foreign ownership. The Saudi SEZs have received significant investments, totalling $12.6 billion to date. Other companies, such as McDermott Arabia and Makeen Energy, have also pledged investments in the SEZs. In addition, Saudi Arabia plans to offer extra incentives to foreign investors in the SEZs to hire local workers.
- China’s Baoshan Oil and Steel co. invests $4bn in Ras al-Khair economic zone