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Saudi Arabia launches export bank with a capital of $8 bln: Report

Published: Updated:

Saudi Arabia launched an export bank with a capital of 30 billion riyals ($8 billion) on Thursday, the Kingdom's industry minister told Saudi Arabian state TV al-Ekhbariya.

Bandar Alkhorayef, the Saudi Arabian minister for industry and mineral resources, also told al-Ekhbariya there were three “industrial free zones” ready to be launched.

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.