HRH Crown Prince Reveals Vision for Riyadh

His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz said that the Kingdom of Saudi Arabia will announce a new development for Riyadh as part of its efforts to expand economic diversification through urban centers.

HRH Crown Prince Mohammed bin Salman said in a conversation with Senator Matteo Renzi, Former Prime Minister of Italy and member of the Board of Trustees of the FII Institute at the Fourth Edition of the Future Investment Initiative during a panel session titled ‘The Future of Riyadh’ that "all of Riyadh’s features set the groundwork for job creation, economic growth, investment, and many more opportunities."

‘’We are therefore aiming to make Riyadh one of the ten largest city economies in the world - today it stands at number 40, the fortieth largest city economy worldwide,’’ he said. ‘’We also aim to increase its residents from 7.5 million residents today to around 15-20 million residents in 2030.’’

With cities representing 85 percent of global economic, ‘’true growth begins in the city, whether in terms of industry, innovation, education, services, or other sectors,’’ HRH Crown Prince Mohammed bin Salman said. ‘’I have no doubt that the world economies are not based on nations, but on cities.’’

Riyadh represents about 50% of the non-oil economy in Saudi Arabia while the cost to create jobs in the city are 30% less than the other cities of Saudi Arabia, the Crown Prince said.

‘’The cost of developing infrastructure and real estate is also 29% less than the other cities, while the infrastructure in Riyadh is already very well accomplished because of the sound management and planning performed by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud over a period of 55 years and more,’’ he said.

"Saudi Arabia also plans for a Green Riyadh program. This will entail planting millions of trees in the city to reduce temperatures and dust levels. 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," HRH Crown Prince Mohammed bin Salman said.

HRH Crown Prince Mohammed bin Salman also said that "a second listing of Saudi Aramco could happen as part of its plans to raise funds for its sovereign-wealth fund. This will yield a cash flow transferred to PIF to be reinvested domestically and internationally to be benefit Saudi citizens."