New body speeds up processing of Saudi judicial liquidation

New body speeds up processing of Saudi judicial liquidation

DUBAI: Saudi Arabia is launching a SR3 trillion ($800 billion) plan to double the size of Riyadh in the next decade and transform it into an economic, social and cultural hub for the region.

The ambitious strategy for the capital city was unveiled by Fahd Al-Rasheed, president of the Royal Commission for the City of Riyadh, ahead of key meetings of the U20, the arm of the G20 leaders' summit that deals with urban development and strategy.

"Riyadh is already a very important economic engine for the Kingdom, and although it's already very successful, the plan now, under Vision 2030, is to actually take that way further, to double the population to 15 million people,“ he told Arab News.

"We've already launched 18 megaprojects in the city, worth over SR1 trillion, over $250 billion, to both improve livability and deliver much higher economic growth so we can create jobs and double the population in 10 years. It's a significant plan and the whole city is working to make sure this happens.“

About $250 billion in investment is expected from the private sector, with the same amount generated by increased economic activity from population growth, finance and banking, cultural and desert tourism, and leisure events.

HIGHLIGHTS

18 megaprojects