Riyadh is on the path to becoming a major regional hub for international companies with the launch of a new special economic zones center.
Established by the Royal Commission for Riyadh City, this strategic move is aimed at elevating the Saudi capital’s stature as one of the world's largest city economies.
The initiative aligns with national transformation goals for economic diversification.
The center will empower the Royal Commission to oversee the special economic zones within Riyadh City, creating a competitive environment that promotes economic growth.
The new facility would be financially and administratively independent, allowing it to develop new economic zones in the Saudi capital.
It will also be responsible for granting licenses to investors in these zones, offering comprehensive services based on international best practices.
By doing so, it will allow for the recruitment of both national and international talent and expertise to work with the new businesses and firms in the center, ultimately expanding opportunities and establishing an attractive investment climate.
Moreover, the center will contribute to Riyadh’s transformation into one of the world’s largest city economies by creating a competitive regulatory environment for a broad spectrum of economic activities.
A cooperative framework will be established between the center and the Royal Commission for Cities and Special Economic Zones to develop strategies for the economic areas, ensuring alignment and leveraging the experiences of both entities.
This initiative will play a significant role in cementing Riyadh's status as a regional hub for global corporations, particularly within the Kingdom. It will bring diversification to Riyadh’s economic foundation and transform the city into a global investment destination.
Additionally, it will contribute significantly to the objectives of Vision 2030 by generating fresh avenues for quality investments through collaboration with government entities, stakeholders, and partners.
This will be achieved through the development of policies and incentives that enhance the capital’s value addition, streamline business activities, and draw regional and global firms to Riyadh City’s special economic zones.
In April, Crown Prince Mohammed bin Salman unveiled the establishment of four new special economic zones, strategically positioned in Riyadh, Jazan, Ras Al-Khair, and King Abdullah Economic City.
These zones are poised to open up exciting opportunities for international investors, as reported by the Saudi Press Agency.
Sourced from Arab News