Riyadh aims to be among the world’s top ten cities by 2030. Authorities in the Kingdom of Saudi Arabia have backed plans for significant infrastructure projects in the city, with an investment of $1 trillion over the next seven years.
With an ambitious plan to double its population from 7.5 million to 15 million, the city is poised to witness an unprecedented surge in infrastructure development and economic growth.
A New Era of Opportunities
The extensive scale of this undertaking will open doors to billions of investments in the hospitality sector, including hotels and restaurants. This presents many opportunities for globally renowned hospitality brands and smaller independent operators.
The key to success is fostering diversity and promoting local propositions through collaborations and joint ventures.
The city’s landscape is set to feature some of the world’s most significant urban development projects. These include the most extensive urban development project by New Square Development Company and the world’s most extensive new passenger terminal at King Salman International Airport.
These flagship projects and other ‘giga’ projects, such as NEOM, the Red Sea Project, and Qiddya, will be in the spotlight at the Cityscape Global event from 10-13 September.
Global Visionaries at the Helm
The event’s agenda will feature a diverse panel of global visionaries and thought leaders. These include Anna Konif Jerlmyr, former Mayor of Stockholm and Board Member of AGV Invest.
Additionally, some other noteworthy names include Stephen Yarwood, Urban Futurist and former Lord Mayor of Adelaide; Ger Baron, Chief Technology Officer, City of Amsterdam; Jeremy M. Goldberg, Worldwide Director of Government Operations and Critical Infrastructure, Microsoft, and many more.
The Economic Surge
Following Crown Prince Mohammed bin Salman’s announcement, Riyadh is primed for a construction boom, with contracts worth $12.2 billion already awarded. An additional $18 billion of projects are currently at the bidding or evaluation stage, with a further $170 billion set to be awarded soon.
The Vision for a Sustainable Future
Riyadh is crucial in the Kingdom’s plans for a sustainable economic future, contributing to around 50% of Saudi Arabia’s non-oil-based economy. With a robust economy, a vibrant cultural scene, and an open visa policy, the city aims to become one of the most visited destinations globally.
The extensive investment in infrastructure is pivotal to transforming Riyadh into a world-class destination for health, education, research, and business by 2030.
The Power of BRICS
The expansion of the Brazil, Russia, India, China, and South Africa (BRICS) bloc promises to redefine the global economic and political landscape. With plans to double its membership next year, this move could open doors for Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the UAE.
The rising power of BRICS and its ability to counterweight the West was a focal point at Riyadh’s Future Investment Initiative forum. The BRICS bloc, worth $26 trillion in gross domestic product (GDP) in 2022, is a source of long-term stabilization.
The Power of Cities
“There is no doubt that the world economies are not based on countries but rather on cities: 85 percent of the world economy comes from cities, and in the next few years, this number will increase to 95 percent,” stated Saudi Arabia’s Crown Prince Mohammed bin Salman at the Future Investment Initiative Summit.
He emphasized that actual growth begins in the city, whether in industry, innovation, education, services, tourism, or other sectors.
Riyadh’s vision to be among the world’s top ten cities by 2030 is a testament to Saudi Arabia’s commitment to sustainable growth and development.
The city’s ambitious expansion plans, backed by significant investment and global collaboration, are set to transform Riyadh into a world-class destination for health, education, research, and business.
As the city prepares for this transformative change, it is poised to become a beacon of economic growth and development in the region.