Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz revealed on Thursday a strategy for the capital Riyadh to be one of the world’s largest city economies, local media reported.
As part of the strategy, Saudi Arabia plans to increase the residents of Riyadh from 7.5 million to 15-20 million in 2030, the crown prince said on the second day of the Future Investment Initiative (FII) Summit.
Riyadh represents 50 percent of the country’s non-oil economy, and the cost of job creation in Riyadh is 30 percent less than other cities in Saudi Arabia. In comparison, the cost of infrastructure and real estate development is 29 percent less, he said.
The strategy also aims to improve Riyadh in terms of quality of life, tourism, and education through various initiatives covering different sectors.
“The infrastructure in Riyadh is already quite outstanding because of the work done by King Salman over a period of more than 55 years during which he managed and planned the city to grow from a city of 150,000 residents into a metropolis of 7.5 million people. Therefore, Riyadh is a huge opportunity to create tremendous economic growth in Saudi Arabia and to develop industry, tourism, and great progress,” the Crown prince added.