Saudi Royal Family open economic zone to attract foreign investment

Apple are among a number of multinationals aiming to use the Saudi Royal Family’s new economic zone in Riyadh as a hub for Middle East distribution. The economic zone which will provide a number of advantages to foreign companies, has been created to draw investment and establish Riyadh as a competitive location for Middle East operations. The UAE is currently the favoured location for multinationals to base their regional HQ, but MBS sees an opportunity to lure companies to the KSA, especially with the Al Nayans introducing a 9% corporation tax from 2023. Alwaleed bin Talal is understood to have played a seminal role in the creation of the economic zone.