October 31, 2019 / 2:25 PM / a month ago

Saudi Arabia launches export bank with a capital of $8 bln - state TV

DUBAI, Oct 31 (Reuters) - Saudi Arabia launched an export bank with a capital of 30 billion riyals ($8 billion) on Thursday, the kingdom’s industry minister told Saudi state TV al-Ekhbariya.

Bandar Alkhorayef, the Saudi 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.

$1 = 3.7502 riyals Reporting by Tuqa Khalid; Edititng by Mark Potter

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