The Saudi cabinet’s approval on Tuesday of the establishment of the Infrastructure Projects Center in Riyadh region will boost the city's competitiveness, transforming it into a destination for international companies with major investment flows.
Prince Mohammed bin Salman, Crown Prince, Prime Minister and Chairman of the Royal Commission for Riyadh City (RCRC), revealed in January 2021 the plan for Riyadh to be one of the world's top 10 largest city economies.
Riyadh Mayor Prince Faisal bin Ayyaf explained that the center will help in organizing the work of various projects in Riyadh, promoting the quality of work, preserving the infrastructure, and keeping pace with the significant development in the capital.
Regional headquarters
Head of Amaken International Group Economist Khaled al-Jasser believes the center is essential in improving the infrastructure for projects in Riyadh to align with the Kingdom's plans to become a regional commercial hub.
Jasser told Asharq Al-Awsat that Riyadh is a destination for international companies with huge investment flows.
He added that Riyadh recently witnessed the opening of several regional headquarters for international companies, noting that the Saudi economy enjoys an international level of confidence to be the most attractive regional destination for investments.
Jasser pointed out that Saudi Arabia consolidated economic cooperation with various countries by stimulating the public and private sectors and exchanging visits between business owners.
He noted that establishing the center is an application of an economic vision in diversifying sources of income, achieving the Riyadh strategy, and boosting the country's position as an international investment destination.
According to the expert, establishing the Infrastructure Projects Center will provide thousands of job opportunities and strengthen the foreign investment market.
Business organization
Real estate expert and CEO of Menassat Realty Khaled al-Mobid believes the center provides a unified operating model for organizing business and improving the quality of its implementation.
He told Asharq Al-Awsat that the center's goals keep pace with Riyadh's status and its prosperous future, achieving the government's aspirations and quality targets based on Vision 2030.
He noted that predictions point to major future projects will be carried out in Riyadh to help it become one of the world’s top city economies, boosting economic growth and urban renaissance.
