Islamic Finance

Shura Council approves accelerating launch of Saudi Free Zones

Published 07 Jul,2021 via Asharq Alawsat (English Edition) - The Saudi Shura Council approved recommendations on expediting the launching of free and economic zones in the Kingdom. (Asharq Al-Awsat)

The Saudi Shura Council approved the recommendations and proposals submitted to the Ministry of Commerce on expediting the launching of free and economic zones in the Kingdom within a timetable that comes in line with the objectives of Vision 2030.

The recommendations made by the Economy and Energy Committee of the Shura Council will be submitted to the concerned authorities to take the necessary measures that will accelerate the establishment of free zones with international standards in a number of Saudi cities, which would have a direct impact on the Saudi economy and increase investment opportunities.

The move comes in line with the directions of the Saudi government, which has drawn its economic path and developed the relevant mechanisms according to its vision launched five years ago.

Based on information received by Asharq Al-Awsat, the Economy and Energy Committee called on the Ministry of Commerce to coordinate with the ministerial authorities and committees over sectoral and regional plans in order to develop a work model that would ensure the integration of roles between the relevant sectors.

According to the approved recommendations, the Ministry of Commerce was urged to coordinate with relevant government agencies to expedite the implementation, monitoring and evaluation of the anti-commercial cover-up program, while enabling the ministry to continue providing financial and logistical support packages to small and medium enterprises within the sectors affected by the repercussions of the Covid-19 pandemic.

The recommendations also emphasized the importance of adopting mechanisms and incentives to support the expansion of e-commerce platforms in order to enhance competition in the trade market at the national and regional levels.

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