Riyadh is swiftly positioning itself as a significant global contender, with aspirations to secure a position among the top 10 economies worldwide by 2030. Riyadh has allocated a budget of $ 1 trillion to transform the city into a global city.
The capital of Saudi Arabia envisions a twofold expansion, aiming to augment its population from 7.5 million to 15 million.
Substantial investments in new infrastructure play a pivotal role in this endeavor, with authorities hinting at a potential trillion-dollar investment in the city prior to the year 2030. Noteworthy projects encompass the creation of the world’s largest downtown area by the New Square Development Company and the construction of the King Salman International Airport, which is poised to hold the title of the world’s largest airport in terms of passenger capacity.
In the month of June, a Saudi delegation, led by Crown Prince Mohammed bin Salman (MBS), introduced Riyadh’s proposition to host Expo 2030. This presentation unveiled a master plan worth $7.8 billion for the Expo site, signifying Riyadh’s ambition to elevate itself among the globe’s top 10 cities, housing a populace ranging from 15 to 20 million residents.
Crown Prince Mohammed bin Salman has set forth the objective for Riyadh to emerge as one of the world’s top 10 city economies by 2030, while simultaneously expanding its population from 7.5 million to approximately 15-20 million. He underscored the fact that a substantial 85% of the global economy emanates from urban centers, a proportion expected to escalate to 95% in the forthcoming years.
Riyadh boasts inherent strengths that are poised to mold its progression, representing nearly half of Saudi Arabia’s non-oil economy. The city also holds a competitive edge, with job creation costs 30% lower and infrastructure, as well as real estate development costs, 29% lower than those of other cities within the kingdom.
Transforming these ambitious visions into tangible reality necessitates substantial investments. Minister of Investment, Khalid Al-Falih, disclosed an investment pool amounting to a trillion dollars designated for Riyadh. As part of Saudi Vision 2030, the nation targets total investments surpassing $3.3 trillion by the close of the decade, with at least 30% allocated to Riyadh.
Riyadh is currently experiencing an upsurge in construction activities, having awarded contracts worth $12.2 billion in the year 2022. Anticipated developments include additional contracts, with roughly $9 billion worth of contracts in the evaluation phase, and an additional $9 billion in the bidding stage. Moreover, projects totaling $110 billion are currently in the design phase, with an additional $60 billion under review.
The forthcoming agenda encompasses the establishment of the world’s most expansive modern downtown, spanning across 19 square kilometers, in addition to the King Salman International Airport initiative, poised to claim the title of the largest airport globally in terms of passenger capacity.
Furthermore, undisclosed projects are in the pipeline, including plans for a towering structure to the north of the city, which is projected to soar to a kilometer in height, doubling the stature of the renowned Burj Khalifa.