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Mohammed bin Salman vows to make Riyadh one of the largest city economies

Riyadh represents 50 per cent of Saudi Arabia's non-oil economy

Friday January 29, 2021 7:48 AM, ummid.com with inputs from Agencies

MBS on Riyadh

[All of Riyadh’s features set the groundwork for job creation, economic growth, investment, and many more opportunities, he said. (Photo: Saudi Press Agency)]

Riyadh: Saudi Arabia's Crown Prince Mohammed bin Salman Al Saud announced a strategy for capital Riyadh to be one of the 10 largest city economies in the world, Al Arabiya TV reported.

“All of Riyadh’s features set the groundwork for job creation, economic growth, investment, and many more opportunities,’’ the Crown Prince told Matteo Renzi, former prime minister of Italy, during a panel session on the future of Riyadh, according to Arab News.

“We are therefore aiming to make Riyadh one of the 10 largest city economies in the world. Today it stands at number 40, the fortieth largest city economy worldwide", he said.

As part of the strategy, Saudi Arabia plans to increase the residents of Riyadh from the existing 7.5 million to 15-20 million in 2030, the crown prince said on the second day of the Future Investment Initiative (FII) Summit on Thursday, Xinhua news agency reported.

Riyadh represents 50 per cent of the country's non-oil economy, and the cost of the job creation in Riyadh is 30 per cent less than other cities in Saudi Arabia, while the cost of infrastructure and real estate development is 29 per cent less, he said.

“True growth begins in the city, whether in terms of industry, innovation, education, services, or other sectors. I have no doubt that the world economies are not based on nations, but on cities.’’

"The strategy also aims to improve Riyadh in terms of quality of life, tourism, education by various initiatives covering different sectors", he added.

“There are also plans to improve the environmental condition of the city and the province, as well as supporting other environmental projects in the Kingdom of Saudi Arabia to be announced at a later date", the Saudi Crown Prince said.

 

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