RIYADH – Saudi Arabia launched an export bank with a capital of SR30 billion ($8 billion) on Thursday. Minister of Industry and Mineral Resources Bandar Alkhorayef told Al-Ekhbariya TV that there were three industrial free zones, enjoying special exemptions, ready to be launched in the Kingdom. A free zone is an area where companies and investors are offered special treatment like low or zero taxes, full ownership and other regulations that facilitate their business to boost economic activity. Al-Khorayef also announced the launch of a new strategy for mining. The minister said earlier that export bank would allow the local producer to develop foreign trade, and develop international relations to benefit both foreign and national investors. Speaking to reporters in Riyadh in September, he had also noted that the plan of action to promote industrial content technology and increase investment in the iron and steel sector, which exceeded $13. 3 billion. Al-Khorayef explained that the aim is to give the local producer the opportunity to develop foreign trade and to develop international relations to benefit both foreign and national investors, stressing the keenness of the Saudi government to do everything that would develop the industry and find remedies for all the problems facing industrialists, while working to create a healthy and attractive environment in a sustainable and intelligent manner in the fields of industry and mining. Al-Khorayef also revealed then his ministry's plans during the second half of the year are aimed at strengthening the link between the local content authority, which emphasizes the importance of working on all industrial projects, and the Foreign Trade Authority to help producers and exporters market Saudi industrial product in international markets.
