The newly launched Riyadh Strategy is on track to generate mega projects, create job opportunities and expand the Saudi capital’s economic horizons, experts confirmed, stressing that this will allow for doubling the population within a decade.
Saudi Crown Prince Mohammed bin Salman has said “global economies are based on cities, not countries because cities are the main cornerstone of development.”
Speaking at the Future Investment Initiative in Riyadh, the Crown Prince revealed that the Saudi capital constitutes 50% of the Kingdom’s non-oil economy.
He highlighted the importance of Riyadh in the Kingdom’s future investment.
“The cost of creating jobs in the capital is 30% less than that’s in other cities in the Kingdom, while the cost of infrastructure and property development is 29% less than others,” the Crown Prince added.
Launching the Riyadh Strategy aims to make Riyadh among the top 10 economic cities in the world so as to drive forward the country’s economic, industrial and tourism growth in the upcoming years.
Standing at an annual growth rate of 3.5%, Riyadh’s demographics are projected to include a population of 10.5 million by 2030. But these figures rely on government spending maintaining its current model and do not factor in the implementation of the Riyadh Strategy.
The Crown Prince’s ambitions for the capital’s future are heavily invested in boosting economic growth, creating hundreds of thousands of jobs, increasing competitiveness and attracting local and international talents.
Under the Riyadh Strategy, the city is predicted to witness double qualitative growth rates.
The Strategy includes investment projects with a focus on finance, banking, industry, logistics, biotech, the digital economy and other sectors.
“The importance of the Riyadh Strategy in generating added value for the capital is evident through its focus on attracting foreign investment, stimulating the private sector and creating more jobs,” said Dr. Akram Jadawi, a Saudi expert in public policies and strategies.
He went on to confirm that the plan will boost population growth at a much higher rate while continuing to encourage the development of small and medium enterprises.
The Crown Prince had already said he envisioned Riyadh expanding to around 15-20 million people by 2030.
Saudi economist Muhammad al-Suwaid told Asharq Al-Awsat that the strategy will find its way to success, especially in bringing about change and decentralized administration.
Suwaid pointed out to the need to push forward the development of work and governance mechanisms.
