Skip to content Skip to Search
Skip navigation

New body created to manage Riyadh economic zones

By Andrew Hammond
Saudi minister of investment Khalid al-Falih is head of Saudi Arabia's Economic Cities and Special Zones Authority Suamy Beydoun/AGIF via Reuters Connect
Saudi minister of investment Khalid al-Falih is head of Saudi Arabia's Economic Cities and Special Zones Authority
  • Plan for ‘regulatory ecosystem’
  • First such zones for capital
  • Aim to attract international business

Saudi Arabia said this week it was establishing a new body to manage economic zones in the capital Riyadh.  

The Center for Riyadh Special Economic Zones was announced by the Royal Commission for Riyadh City to “create a regulatory ecosystem and build a competitive environment for business growth”, the official Saudi Press Agency said. 

The centre will oversee the establishment of special economic zones in the city, issue licences to investors within the zones and manage services. 

Economic zones offer tax incentives and a simplified regulatory environment to attract international business. There are currently no special economic zones in Riyadh, a sprawling city of over 7.5 million, though it has the King Abdullah Financial District. 

The investment ministry has set a deadline of January 1, 2024 for businesses in the region to establish headquarters in Saudi Arabia as a prerequisite for access to government contracts worth SAR1 million ($266,000) or more. 

There are currently four special economic zones managed by the Economic Cities and Special Zones Authority (ECZA), headed by investment minister Khaled Al-Falih. 

They are King Abdullah Economic City, Jazan Special Economic Zone, Ras Al Khair Special Economic Zone and the Special Zone for Cloud Computing and Informatics. 

A Special Integrated Logistics Zone was also created last year near Riyadh airport, though ECZA does not cite it as under its responsibility. 

Riyadh is striving to become a global city, although it still lacks a public transport system. The Riyadh metro is expected to open over the next year with 84 stations, according to the Royal Commission for Riyadh City.

Latest articles

Investor Tim Draper told AGBI the US must 'swing back to freedom' to avoid losing innovation to countries such as the UAE

Tim Draper: UAE benefits from US crypto ‘overregulation’

Billionaire venture capitalist Tim Draper has criticised the US for its restrictive stance on cryptocurrency, claiming it is driving innovators towards more encouraging and friendlier markets such as the UAE. The Gulf state is actively developing regulatory frameworks to lure new forms of business, amid intense regional economic competition. Dubai and Abu Dhabi have set […]

A subsidiary of Banque Misr will open the first digital-only bank in Egypt this year

Egypt to open first digital bank later this year

Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […]

Mukesh Ambani, chairman and managing director of Reliance Industries which will receive the investment from AIDA and US-based KKR

Abu Dhabi’s ADIA invests in Indian warehouses

The Abu Dhabi Investment Authority (ADIA) and the US-based private equity firm KKR have invested INR 12,000 crore ($1.5 billion) in India’s Reliance Retail Ventures’ warehousing assets.  Both companies have invested equal amounts in Reliance Logistics and Warehouse Holdings (RLWH), The Economic Times, an Indian financial daily, reported, citing informed sources.  RLWH was established in […]

Saudi Arabia’s industry and mineral resources minister Bandar Al-Khorayef. The country is struggling to meet an FDI target of $100bn a year by 2030

Saudi industry minister tempts investors with funding incentives

Saudi Arabia’s ministry of investments and mineral resources is prepared to finance up to 75 percent of industrial projects in the country, as the kingdom tries to boost its low foreign direct investment (FDI) numbers.  Bandar Al-Khorayef, the minister of industry and mineral resourcespointed to well-developed infrastructure across 36 industrial cities, prefabricated factories ready to […]