Riyadh Commits $1 Trillion Towards Achieving Global City Status

Riyadh, Saudi Arabia –14th August 2023: Riyadh has staked its claim to become one of the world's top ten cities by 2030. Ahead of a major international real estate event, Cityscape Global, to be held in the city in September, Riyadh has announced plans to double in size, increasing its population from 7.5 million to 15 million. Authorities in the Kingdom of Saudi Arabia have backed plans for major infrastructure projects across the city, equating to an Investment of some $1 trillion in the next seven years. Flagship projects include the world's largest urban development project by the New Square Development Company and the world's largest new passenger terminal at King Salman International Airport. A recent successful bid to host Expo 2030 is a further statement of the city's ambitions and will deliver a $7.8bn masterplan that is a cornerstone of Riyadh's continued evolution into a thriving global destination. These projects will be showcased at Cityscape Global from 10-13 September, in addition to other 'giga' projects including NEOM, the Red Sea Project and Qiddya, with others yet to be revealed. The event agenda will also feature a host of global visionaries and thought-leaders including Anna Konif Jerlmyr, former Mayor of Stockholm and Board Member of AGV invest; Stephen Yarwood, Urban Futurist and the former Lord Mayor of Adelaide; Lord Gavin Barwell, former British Minister of State for Housing and Planning, and Former Chief of Staff to the British Prime Minister; Ger Baron, Chief Technology Officer, City of Amsterdam; Jeremy M. Goldberg, Worldwide Director of Government Operations and Critical Infrastructure, Microsoft, and many more. Following the announcement by Crown Prince Mohammed bin Salman, Riyadh is set to experience a surge In construction activity with some $12.2bn of contracts awarded to date. A further $18bn of projects are currently at the bidding or evaluation stage with an additional $170bn to be awarded in the near future. Riyadh is a major part of the Kingdom's plans for a sustainable economic future and currently represents around 50% of the non-oil based economy in Saudi Arabia. With a vibrant economy, lively cultural scene and open visa policy, Riyadh has set out plans to become one of the most visited cities in the world. This major investment In infrastructure is vital to delivering a world class destination for health, education, research and business as it gears up for major transformational change by 2030.