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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 Targets 10 mln Ton Wheat Harvest

A farmer shows wheat plants at a field in Al Fayoum Governorate, southwest of Cairo, Egypt March 21, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
A farmer shows wheat plants at a field in Al Fayoum Governorate, southwest of Cairo, Egypt March 21, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
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Egypt Targets 10 mln Ton Wheat Harvest

A farmer shows wheat plants at a field in Al Fayoum Governorate, southwest of Cairo, Egypt March 21, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
A farmer shows wheat plants at a field in Al Fayoum Governorate, southwest of Cairo, Egypt March 21, 2024. REUTERS/Mohamed Abd El Ghany/File Photo

Egypt expects to harvest 10 million tonnes of wheat this year, up from 9 million in 2023, driven by improved crop yields and ambitious land reclamation efforts, Agriculture Minister Alaa Farouk told Reuters late on Wednesday.

He said 3.1175 million feddans (about 1.30 million hectares) have been cultivated this season — slightly lower than the 3.5 million feddans announced earlier by the planning ministry and 3.2 million feddans in 2024 (1.34 million hectares), suggesting a possible decline in total wheat area.

Farmers have told Reuters that wheat has become less profitable compared to crops like beet, whose area increased from 500,000 feddans (210,000 hectares) to 700,000 feddans (294,000 hectares) this year.

The government plans to buy 4-5 million tonnes of local wheat and import about 6 million tonnes to provide heavily subsidised bread for over 69 million Egyptians.

Farouk said newer high-yield wheat strains developed by the Agricultural Research Center have raised productivity by 7-8.5%.

"This is vertical expansion, and horizontal expansion is coming," he said.

That horizontal expansion is led by the Mostakbal Misr for Sustainable Development, which plans to reclaim 4 million feddans across the country.

Farouk said some of that land is ready for production and the rest will follow in the next two years, offering major opportunities for agricultural investment.

Mostakbal Misr, recently tasked with wheat imports, is also developing infrastructure and growing crops tailored to local consumption, exports and agri-processing, Farouk said..

Farouk added the government is studying a potential rise in local fertilizer prices. Urea and nitrate fertilizers cost around 9,500 Egyptian pounds ($185) per tonne to produce but are sold at a subsidized 4,500 ($87.63). Export prices reach up to 20,000 pounds ($389.48), Farouk said.