RIYADH — In a groundbreaking announcement, the Board of Directors of the Royal Commission for Riyadh City (RCRC) unveiled the establishment of the Center for Riyadh Special Economic Zones.
This strategic move aims to elevate the business competitiveness of Riyadh, propelling the Saudi capital into a prominent international hub and solidifying its position as one of the major city economies globally.
The initiative aligns seamlessly with the diversification goals outlined in Vision 2030.
Under the supervision of RCRC, the Center for Riyadh Special Economic Zones will oversee the development of special economic zones in Riyadh.
Endowed with financial and administrative autonomy, the center is set to create a regulatory ecosystem and foster a competitive environment conducive to business growth.
This new initiative positions the center to issue licenses to investors within the special economic zones, adopting best international practices to provide integrated services.
The goal is to attract national and international talent, thereby facilitating the creation of an attractive investment environment and establishing a regulatory framework for diverse economic activities.
The coordination between the center and the Economic Cities and Special Zones Authority ensures alignment and maximizes expertise.
Notably, the center will enhance Riyadh's competitiveness by offering attractive incentives and organizing economic activities within the special economic zones, positioning them to compete with international counterparts.
This move is expected to consolidate Riyadh's status as a regional hub for international companies, accelerate economic diversification, and transform the city into a global investment destination.
Aligned with Vision 2030 goals, the Center for Riyadh Special Economic Zones will play a crucial role in creating new opportunities for qualitative investments.
Collaborating with government entities, stakeholders, and partners, the center will formulate policies and incentives aimed at enhancing the overall competitiveness of the city of Riyadh.
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