RCRC Board of Directors announces establishment of Center for Riyadh Special Economic Zones to enhance business competitiveness of Riyadh
The Board of Directors of the Royal Commission for Riyadh City today announced the establishment of the Center for Riyadh Special Economic Zones to enhance the business competitiveness of Riyadh, transforming the Saudi capital into a major hub for international companies and bolster its economic presence as one of the major city economies in the world, while contributing to the diversification goals of Vision 2030.
The Royal Commission for Riyadh City (RCRC) will supervise the special economic zones in Riyadh city through the Center for Riyadh Special Economic Zones. The Center will create a regulatory ecosystem and build a competitive environment for business growth.
The Center has financial and administrative autonomy and will create new special economic zones in Riyadh, issue licenses to investors within the special economic zones and offer integrated services by adopting best international practices.
The Center will attract national and international talent and expertise in the special economic zones in Riyadh, creating new opportunities, facilitate the creation of an attractive investment environment, and build a regulatory framework for various economic activities that support Riyadh’s efforts to become one of the largest economies of cities in the world. The Center and the Economic Cities and Special Zones Authority will coordinate to establish the special economic zone to ensure alignment and benefit from the expertise available at both the entities.
Also, the Center will contribute to enhancing Riyadh’s competitiveness, as the new special economic zones in the capital will compete with international economic zones by providing attractive incentives and organizing the economic activities of the special economic zones.
It will contribute significantly to consolidating the position of Riyadh and the Kingdom as the regional hub for international companies, accelerating the diversification of Riyadh’s economy and making it a global investment destination.
The Center 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 enhancing the competitiveness of the city of Riyadh.
