Saturday, 20 July 2024 04:25 GMT

Riyadh ranks among the top 15 fastest-developing cities, sole among Asian cities in Savills Growth Hubs Index

(MENAFN- Savills) Riyadh has emerged as one of the top 15 fastest-growing cities by 2033, according to the Savills Growth Hubs Index in the latest edition of Savills global thought leadership programme Impacts.
Saudi Arabia offers a plethora of opportunities for new development and business expansion, driven by Saudi Vision 2030. Riyadh is notably the only non-Asian city featured in Savills' top 15 Growth Hubs list, and its potential is linked to a forecast 26% population growth, taking the city from 5.9 million to 9.2 million in 10 years. This growth is expected to result in continued government spending on mega infrastructure projects as well as improved amenities and services to accommodate the growing population.
Richard Paul, Head of Professional Services & Consultancy Middle East, says, “Saudi Arabia boasts a population of around 36 million people and, astonishingly, 67% are under the age of 35. The employment potential and ultimate spending power of this segment of the population over the next decade are enormous.”
Earlier this month, government data showed that the net inflow of foreign direct investment (FDI) in Saudi Arabia increased by 5.6% to SAR 9.5 billion ($2.53 billion) in the first quarter of 2024 compared to the previous year. Ramzi Darwish, head of Savills in Saudi Arabia, says: “The 30-year tax relief for regional headquarters, expanding market, and promising prospects are attracting international companies and reinforcing Riyadh’s position as a vital regional hub for leading businesses across diverse industries. Riyadh is experiencing a remarkable surge in corporate interest, with over 180 foreign companies establishing their regional headquarters in the city in 2023, surpassing the initial target of 160. This growing confidence reflects the robust potential of the Saudi capital.”
The Savills Growth Hubs Index is a companion of the Resilient Cities Index, where Savills specifically examined the economic strength pillar and forecast it to 2033, to identify high-growth cities with rising wealth and expanding economies. Indian and Chinese cities take five spots each in the top 15, followed by Vietnam with two, and the Philippines, Bangladesh, and Saudi Arabia with one each.


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