Report: Saudi Arabia launches $800b plan to double size of Riyadh

Dubai: Saudi Arabia has launched a SR3 trillion ($800 billion) plan to reshape Riyadh in the next decade and transform it into the Middle East’s top economic, social and cultural hub, according to Saudi media reports.

The mega-plan 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.

The plan involves the creation of a “mega industrial zone” focusing on advanced technology such as renewables and automation, and biotechnology and aquaponics. Another key feature is sustainability, with energy conservation, the circular carbon economy with its emphasis on reducing emissions, and water management, all priorities.

“Seven million trees planted in Riyadh in the next few years and King Salman Park will be bigger than Hyde Park in London. 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 15m people,” said Al Rasheed, president of the Royal Commission for the City of Riyadh, told Arab News.

“We’ve already launched 18 megaprojects in the city, worth over SR1 trillion, ($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.” Al Rasheed added.

Saudi Arabia has been heavily investing billions of Riyals into its giga-projects, transport and mobility schemes, in order to move off the country from the oil dependent and to open its doors to millions of Tourists from all over the world.