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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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Aramco Chief Expects Additional Oil Demand of 1.3 Million bpd this Year

Saudi Aramco's Chief Executive Amin Nasser speaking in Davos 2025
Saudi Aramco's Chief Executive Amin Nasser speaking in Davos 2025
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Aramco Chief Expects Additional Oil Demand of 1.3 Million bpd this Year

Saudi Aramco's Chief Executive Amin Nasser speaking in Davos 2025
Saudi Aramco's Chief Executive Amin Nasser speaking in Davos 2025

Saudi oil giant Aramco's Chief Executive Amin Nasser said on Tuesday he sees the oil market as healthy and expects an additional 1.3 million barrels per day of demand this year.
Speaking to Reuters on the sidelines of the World Economic Forum in Davos, Nasser was responding to a question on the impact of US President Donald Trump's energy decisions, which could increase US hydrocarbon output.
Oil demand this year will approach 106 million barrels per day after averaging about 104.6 million barrels per day in 2024, he said.
“We still think the market is healthy ... last year we averaged around 104.6 million barrels (per day), this year, we're expecting an additional demand of about 1.3 million barrels ... so there is growth in the market,” he said.
Asked about US sanctions on Russian crude tankers, he said the situation was still at an early stage.
“If you look at the impacted barrels, you're talking about more than 2 million barrels,” he said. “We will wait and see how would that translate into tightness in the market, it is still in the early stage.”
Asked if China and India have sought additional oil volumes from Saudi Arabia on the back of the sanctions, Nasser said Aramco is bound by the levels the Kingdom's energy ministry allows it to pump.
“The Kingdom and the Ministry of Energy is always looking at balancing the market. They take that into account when they give us the target of how much we should put in the market,” he said.
In a Bloomberg television interview in Davos, Nasser said: “We still see good demand coming out of China.” The country, along with India, make up about 40% of the rise in global consumption and, “demand is increasing year on year.”
Nasser’s comments echo those he made back in October, saying he was bullish on China after a series of government stimulus measures aimed at reviving the economy.
Nasser also said that Aramco is working with MidOcean, an LNG firm in which it took a 51% stake, and “looking at expanding our position globally in LNG,” without giving details.