To enhance Riyadh's competitiveness, the Board of Directors of the Royal Commission for Riyadh City (RCRC) announced today the establishment of the Riyadh Special Economic Zone Centre. As a major hub for international companies, the Saudi capital will bolster its economic presence as one of the world's major city economies while contributing to Vision 2030's goal of diversification.
It has been reported by Saudi Press Agency (SPA) that RCRC will oversee Riyadh's special economic zones through the Riyadh Special Economic Zones Centre. In addition to building a competitive environment for business growth, the centre will create a regulatory ecosystem.
A special economic zone will be created in Riyadh, licenses will be issued to investors within the zone, and integrated services will be offered according to best international practices.
Riyadh's special economic zones will attract national and international talent and expertise to the center, creating new opportunities, creating an attractive investment environment, and establishing a regulatory framework for a variety of economic activities that will aid Riyadh in becoming one of the world's largest economies. To ensure alignment and benefit from the expertise available at both organizations, the centre and the Economic Cities and Special Zones Authority will coordinate to establish the special economic zone.
By providing attractive incentives and organizing the economic activities of the special economic zones, the center will also contribute to improving Riyadh's competitiveness.
The project is expected to contribute significantly to Riyadh's position as a regional hub for international companies, accelerating the diversification of Riyadh's economy, and making Riyadh a global investment hotspot.
The centre will support the Vision 2030 goals by creating new opportunities in qualitative investments, in cooperation with government entities, stakeholders and partners, by formulating policies and incentives that contribute to increasing the competitiveness of the city of Riyadh.