Saudi Arabia has delayed the launch of a major development strategy for the city of Riyadh up to 2030 until next year due to some “incomplete elements”.
According to the head of the Royal Commission for the capital, the Kingdom is investing $220 billion to convert Riyadh into a global city by 2030, and intends to attract a comparable amount of private sector investment.
The Kingdom is investing $220 billion to convert Riyadh into a global city by 2030
In the next ten years, Saudi Arabia intends to double the population and economy of its capital city, which currently has a population of around seven million people. It will be undertaking this as part of its plan to diversify its economy away from oil revenues by creating new industries and investment opportunities.
As part of his economic reform strategy, Saudi Crown Prince Mohammed bin Salman wants Riyadh to become one of the top ten cities in the world.