Official information revealed that higher authorities have approved the organizational arrangements for a new center for economic zones in Riyadh. The Royal Commission for the Saudi capital would be the competent authority to supervise these zones.
Last year, Crown Prince Mohammad bin Salman revealed a new strategy for the development of Riyadh as part of the Kingdom’s plans to diversify sources of income and grow the economy. The strategy aims to make Riyadh one of the 10 largest city economies in the world.
Any proposal to establish a special economic zone in Riyadh will be submitted to the Council of Economic and Development Affairs for study by the National Incentives Committee (NIC) and the Supreme National Investment Committee (SNIC).
Furthermore, a team will be formed under the umbrella of SNIC, headed by the Special Economic Cities and Zones Authority. The team will also include officials from several relevant ministries.
The team will aid the committees when examining the request to establish a special economic zone in Riyadh.
The Saudi government confirmed that the establishment of the special economic zone in Riyadh would be in line with the draft national strategy for special economic zones and the draft national incentive framework.
Arrangements of the Center for Special Economic Zones in Riyadh include doing everything necessary to achieve objectives. This involves drawing up strategies, policies, plans, general and detailed programs for the development of economic zones and preparing proposals for the establishment of new zones and submitting them to authorities.
The new center aims to strengthen the Kingdom’s economic position and improve its competitiveness by contributing to the establishment of special zones that compete with their counterparts in the world.
The center will promote adopting policies, rules, instructions, and procedures that regulate activities and services within the zones according to best practices.