The Kingdom of Saudi Arabia has launched an export bank with $8 billion capital, state TV and local media reported. The Saudi Arabia export bank will offer direct and indirect trade finance as well export credit services to Saudi businesses.
The Saudi Minister of Industry and Mineral Resources Bandar Al Khorayef told the local media that there are three industrial free zones ready to be launched in the Kingdom.
These three industrial free zones have special exemptions. Companies and investors will receive special treatment such as low or zero taxes, complete ownership and other regulations to create a conducive environment for business. Al Khorayef also announced the launch of a new strategy for mining. The government plans to create a healthy and attractive business environment, particularly in the mining industry.
The new export bank will allow local producers to develop foreign trade and international relations to benefit foreign and national investors. The main aim is to give local producers increased opportunities on the global stage and a way out of the export issues that they typically get mired in.
The Foreign Trade Authority will aim to help producers and exporters market the Kingdom’s industrial products in foreign markets.
Last year, the Kingdom established a special free zone to attract foreign investors. The zone is largely focused on logistics and is governed by the General Authority for Civil Aviation. The zone’s long-term vision was to attract foreign investments into a number of sectors, including ICT, tourism and financial services.