RCRC announces establishment of Centre for Riyadh Special Economic Zones

Industry

Riyadh, The Board of Directors of the Royal Commission for Riyadh City (RCRC) today announced the establishment of the Centre 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.

According to Saudi Press Agency (SPA), RCRC will supervise the special economic zones in Riyadh through the Centre for Riyadh Special Economic Zones. The centre will create a regulatory ecosystem and build a competitive environment for business growth.

The centre 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 centre will attract national and international talent and expertise in the special economic zones in Riyadh, creating new opportunities, facilitating the creation of an attractive investment environment, and building 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 centre 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 entities.

The centre will also 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 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 enhancing the competitiveness of the city of Riyadh.

Source: Bahrain News Agency