Saudi Arabia announced a royal order amending the regulations of the Economic Cities Authority (ECA).
The amendment included replacing phrase "cities and special economic areas" with the phrase "economic cities".
The authority will assume the full administrative and financial supervision over the cities and its economic zones with the aim of attracting foreign investments. Also, the authority will also be responsible for concluding agreements and contracts, mapping out plans and programs, and conducting the necessary studies to develop cities and economic zones. The authority will be also responsible for approving plans of cities and economic zones, ensuring implementation and granting usufruct rights.
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