Mega Plan to Make Riyadh One of World’s 10 Largest City Economies
As per mega plans unveiled by Crown Prince Mohammed bin Salman at the Future Investment Initiative (FII) gathering in the capital of Saudi Arabia, Riyadh aims to more than double its population and become one of the world’s 10 richest cities.
All of the characteristics of Riyadh set the basis for job creation, economic growth, investment, and many more possibilities. It is planned to make Riyadh one of the world’s 10 largest urban economies. It stands today at number 40, the world’s fortieth largest urban economy. It aims to raise its population from 7.5 million today to about 15-20 million by 2030.
85 percent of global economic activity is carried out in cities. In the cities, real growth starts, whether in terms of manufacturing, innovation, education, services, or other sectors. The economies of the world are focused not on countries but cities.
Riyadh accounts for about 50 percent of Saudi Arabia’s non-oil economy and enjoys cost advantages over other urban centers. The cost of creating jobs in the town is 30% lower than in other cities in the Kingdom. The cost of infrastructure development is also 29 percent lower than that of other cities. In contrast, the infrastructure in Riyadh is already very well-known because of His Highness King Salman’s sound management and planning over a period of 55 years and more.
Long-term proposals for a greener and more prosperous city were revealed by the Crown Prince. In order to lower temperatures and dust levels, this will involve planting millions of trees in the area. There are also plans to enhance the environmental quality of the city and the region and supporting various environmental initiatives in the Kingdom of Saudi Arabia to be announced at a later date. By the middle of this year, a number of business-friendly changes will be implemented.
The FII event, which attracted more than 10,000 registered attendees as well as millions more on social media, also noted that 24 multinational corporations, including major names such as PepsiCo, Schlumberger, as well as fast-food chain Tim Hortons, had signed up to establish their regional headquarters in Riyadh.
The Crown Prince also announced that after its historic initial public offering just over a year ago, Saudi Aramco, the world’s largest oil company, might stage a second share offering. This will yield a cash surplus that will be transferred to the Public Investment Fund to be reinvested for the good of Saudi citizens, both domestically and abroad.