King Salman approves regulatory arrangements on Riyadh Special Economic Zones Center

Custodian of the Two Holy Mosques King Salman bin Abdulaziz

The Custodian of the Two Holy Mosques King Salman bin Abdulaziz issued a royal decree on approving the regulatory arrangements on Riyadh Special Economic Zones Center.

Under the arrangements, the center will be linked organizationally to the Royal Commission for Riyadh City (RCRC). In addition to having legal authority, the center will be financially and administratively independent. It will also have all the necessary powers to perform its tasks, including the exercise of any control, supervisory or executive role.

In case of the establishment of an economic zone under its umbrella, the center will prepare a proposal in this regard, including an integrated study on the relevant requirements.

The proposal will then be submitted to RCRC for approval. If passed, it will be sent to the Cabinet.

If the Cabinet gives the green light for establishing the economic zone, it will determine the geographic location and space, as well as the activities and sectors of the licensed establishments. It will set the incentives and tax exemptions that would be granted in this respect.

Furthermore, the economic zones and entities located within will be subject to the applicable laws in the Kingdom.