RCRC sets up SEZs Center in Riyadh to boost business

Logo of Royal Commission for Riyadh City (RCRC)

The Royal Commission for Riyadh City (RCRC) announced today, Nov. 6, the establishment of the Centre for Riyadh Special Economic Zones, in order to boost business competitiveness in the Saudi capital.

The move also seeks to turn Riyadh into a major regional hub for international companies and enhance its economic impact as one of the world’s largest city economies, the Saudi Press Agency (SPA) reported.

The plan is also in line with the objectives of the national transformation journey that aims to diversify the national economy.

RCRC will be the competent authority to oversee SEZs in Riyadh through this center, as it will help create a competitive environment that contributes to the growth of the economy.

The Centre for Riyadh Special Economic Zones will enjoy financial and administrative independence, as it works to launch new economic zones in Riyadh, issue licenses to investors in SEZs, and provide comprehensive services in accordance with international standards and best practices.

Furthermore, the new center aims at facilitating the attraction of the national and international competencies and expertise with new businesses and companies in Riyadh’s SEZs, which contributes to enhancing opportunities in the city, creating an attractive investment environment, and forming a competitive regulatory framework for various economic activities.

Meanwhile, it will contribute to raising Riyadh's competitiveness, as the new SEZs that will be launched by the center will compete with the global economic zones, by providing attractive incentives and regulating the economic activities of the SEZs.

SEZs Center is also set to contribute significantly to consolidating the position of Riyadh in particular and the Kingdom in general as a regional center for international companies, which will enhance the diversity of the economic base of the city and make it a global investment destination in line with the Saudi Vision 2030.