New business park to open in Riyadh

Dubai: Saudi Arabia announces the development of a new business park in Riyadh.

With over $270 million (Dh991 million) in investment, aimed at boosting foreign investment and generating local jobs.

The Boulevard Business Park will be situated in Riyadh's Boulevard district, which recently hosted the first e-sports ‘World Cup’.

The park adds 60,000 square metres of office space to the city.

Managed by the general entertainment authority, the announcement was made on the social media platform X.

Riyadh already features a financial district, a business zone near the airport, and a technology park. However, Saudi Arabia continues to struggle with attracting foreign direct investment, which is falling short of its 2030 target of $100 billion (Dh367 billion) annually.

To attract international businesses and investment, the government has established special zones, including business parks with tax incentives and simplified regulations.

The government is encouraging foreign firms to establish offices to gain access to contracts, including those managed by subsidiaries of the Public Investment Fund (PIF) under the Vision 2030 economic reforms.

Saudi Vision 2030 is a programme launched in 2016 with the main aim of diversifying revenues away from oil.

Saudi Arabia has emerged as a regional hub for venture capital, with investment in small companies from banks, financial institutions, and venture capitalists.