Riyadh, November 06, 2023, The Royal Commission for Riyadh City (RCRC) Board of Directors has announced the establishment of the Center for Riyadh Special Economic Zones, a strategic move aimed at boosting Riyadh's business competitiveness and transforming the Saudi capital into a global hub for international companies. This initiative aligns with Vision 2030's diversification goals and aims to position Riyadh as one of the world's major city economies.
Under the oversight of RCRC, the Center for Riyadh Special Economic Zones will play a pivotal role in creating a regulatory ecosystem and a conducive environment for business growth. The center, endowed with financial and administrative autonomy, will facilitate the development of new special economic zones in Riyadh, issue licenses to investors operating within these zones, and offer comprehensive services based on best international practices.
Furthermore, the center will serve as a magnet for both national and international talent and expertise, fostering new opportunities, cultivating an attractive investment environment, and establishing a regulatory framework to support Riyadh's ambitions of becoming one of the world's leading city economies. Close coordination with the Economic Cities and Special Zones Authority will ensure alignment and the effective utilization of available expertise.
The Center for Riyadh Special Economic Zones will bolster Riyadh's competitiveness by rivaling international economic zones through the provision of attractive incentives and the organized management of economic activities within these special zones. This initiative is poised to solidify Riyadh and the Kingdom's status as a regional hub for international companies, expedite the diversification of Riyadh's economy, and position it as a global investment destination.
In line with Vision 2030 objectives, the center will create new opportunities for high-quality investments, collaborating with government entities, stakeholders, and partners to formulate policies and incentives that enhance Riyadh's competitiveness as a city.
