Experts anticipate that Riyadh will double in size in the next seven years. The city will be leveraging $1 trillion worth of projects throughout the Saudi capital. This expansion aims to expand Riyadh infrastructure, and accommodate to the rapidly growing population, which experts predict will double in the coming years. The announcement comes a month before the Cityscape Global Expo.
Crown Prince Mohammed bin Salman’s announcement is launching a wave of construction in the Saudi capital, resulting in the allocation of contracts, currently worth approximately $12.2 billion.
Experts revealed that projects worth an additional $18 billion are in the pipeline, presently undergoing bidding and evaluation. Furthermore, there are plans to award an extra $170 billion in the near future. One of the approved projects is the world’s largest new passenger terminal at King Salman International Airport.
Read more: Spending soars in Saudi, investment remains strong
The recent bid to host Expo 2030 demonstrates Riyadh’s ambitions. A $7.8 billion masterplan will kick start the city’s transformation into a global hub. As a city, Riyadh currently represents approximately 50 percent of the country’s non-oil based economy.
To become a world-class hub for health, education, research, and business by 2030, significant infrastructure investments are crucial. The Saudi capital aims to rank among the world’s top ten cities by then.
The organizers of the Cityscape Global expo announced that Saudi Arabian authorities have supported extensive citywide infrastructure plans. These projects, along with others like NEOM, the Red Sea Project, and Qiddya, will be highlighted at the event, with more undisclosed projects to be revealed.
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