As the pandemic transforms the daily life of billions of people around the world, the fast-growing Saudi capital of
is preparing to lead a new era in urban living.
Speaking in January at a major global investment conference, the Future Investment Initiative (FII), Saudi Crown Prince Mohammed Bin Salman launched a radical new vision of how Riyadh will drive the continued social and economic transformation of Saudi Arabia.
‘’True growth begins in the city, whether in terms of industry, innovation, education, services, or other sectors,’’ Prince Mohammed bin Salman said. ‘’I have no doubt that the world economies are not based on nations, but on cities.’’
Riyadh is currently the fortieth largest city economy worldwide. Representing about 50% of the non-oil economy in Saudi Arabia, the city is expanding rapidly as the Kingdom diversifies into tourism, services and industry.
By 2030, Prince Mohammed bin Salman estimates that Riyadh’s population will shoot up to 15-20 million people from around 7.5 million today.
For the reformist and ambitious government of Saudi Arabia, it is a strategic priority to create the jobs, services, housing and quality of life to which the people of Riyadh aspire.
Major efforts are already underway to transform the city. Under the Green Riyadh program, millions of trees are being planted in the city to reduce temperatures and dust levels.
As the economic powerhouse of the new Saudi Arabia, job creation and infrastructure development in Riyadh are accelerating. At the same time, new social freedoms, such as the right for women to drive and permission for cinemas to operate, are changing the face of daily life in Riyadh at a previously unimaginable pace.
Prince Mohammed bin Salman’s vision for Riyadh formed the centerpiece of the fourth edition of the Future Investment Initiative, which this year was focused on the theme of the “Neo-Renaissance” – a re-imagining of the global economy amid Covid-19.
The two-day mainly online conference, hosted by the Future Investment Initiative Institute and livestreamed from Riyadh, saw over 150 leaders, investors, tech pioneers and policy makers connect and contribute their ideas.
More than four million people watched online as speakers provided their insight into how the global community can work together to bring about a Neo-Renaissance and fuel a rebirth.
In the closing session, The Road Ahead, COO of the Future Investment Initiative Institute, Rakan Tarabzoni said: “We felt that the world needs to come together to discuss how the world can move forward. The pandemic is not going to disappear tomorrow, so we needed to get everyone around one table to discuss the world and the business post COVID-19. And the table is here. This is FII.”
