Saudi crown prince unveils plan to make Riyadh one of world’s 10 largest city economies

Saudi crown prince unveils plan to make Riyadh one of world’s 10 largest city economies

DUBAI: Riyadh aims to more than double its population and become one of the 10 richest cities in the world under ambitious plans unveiled by Crown Prince Mohammed bin Salman at the Future Investment Initiative (FII) gathering in the Saudi capital.

"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.

"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. We also aim to increase its residents from 7.5 million today to around 15-20 million in 2030,'' he added.

Cities represent 85 percent of global economic activity, 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.''

Riyadh represents about 50 percent of the non-oil economy in Saudi Arabia, and enjoys cost advantages over other urban centers. The cost of creating jobs in the city is 30 percent less