Saudi crown prince announces plan for Riyadh

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

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