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Saudi Arabia Approves New Center for Special Economic Zones in Riyadh

Higher authorities have approved the organizational arrangements for a new center for economic zones in Riyadh. (Asharq Al-Awsat)
Higher authorities have approved the organizational arrangements for a new center for economic zones in Riyadh. (Asharq Al-Awsat)
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Saudi Arabia Approves New Center for Special Economic Zones in Riyadh

Higher authorities have approved the organizational arrangements for a new center for economic zones in Riyadh. (Asharq Al-Awsat)
Higher authorities have approved the organizational arrangements for a new center for economic zones in Riyadh. (Asharq Al-Awsat)

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.

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Egypt Makes Progress in its Nuclear Energy Project

Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
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Egypt Makes Progress in its Nuclear Energy Project

Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)

Egypt has reported significant progress in the construction of the El-Dabaa nuclear power plant in the country’s northwest, a project being developed in cooperation with Russia. The government announced on Tuesday that more than 20% of the project has been completed.

Egypt and Russia signed a cooperation agreement on November 19, 2015, to establish the nuclear power station at a cost of $25 billion, funded through a Russian government loan. The final agreements for El-Dabaa were signed in December 2017.

The plant will consist of four nuclear reactors with a total generation capacity of 4,800 megawatts, each producing 1,200 megawatts. The first reactor is scheduled to begin operations in 2028, with the remaining units coming online gradually as part of Egypt’s energy mix.

In its quarterly performance report, the Egyptian government stated that the project aligns with efforts to expand the peaceful use of nuclear energy within the national power grid.

President Abdel Fattah al-Sisi emphasized in November the importance of executing energy projects efficiently and on schedule, calling them a pillar of Egypt’s development strategy. He underscored the need to adhere to the project timeline while ensuring the highest standards of execution and workforce training.

Also in November, Prime Minister Mostafa Madbouly reaffirmed Egypt’s commitment to the project, stating that El-Dabaa would enhance renewable energy capacity and stabilize the national power grid.

In early March, Russia’s Atomstroyexport announced that construction on the second reactor at El-Dabaa had progressed ahead of schedule. According to the Egyptian Nuclear Power Plants Authority, the second tier of the inner containment structure had been installed at the reactor building.

Egypt experienced widespread power outages last summer, which ended in late July after securing sufficient fuel supplies for its power plants.

The El-Dabaa project is part of Egypt’s strategy to diversify its energy sources, generate electricity to meet domestic demand, and reduce reliance on imported gas and other fuels.

On Tuesday, the government also announced an additional 200 megawatts of private-sector solar power capacity as part of its efforts to expand renewable energy. Officials said the move would support energy diversification and advance the country’s sustainable development strategy.