Riyadh, the bustling capital of Saudi Arabia, is poised for a surge in population and economic activity, propelling it into the elite group of the world's 15 fastest-growing cities by 2033. This exciting forecast comes courtesy of the Savills Growth Hubs Index, a key report by the global real estate advisor Savills.
The report highlights Riyadh's unique position as the only non-Asian city to crack the top 15. This distinction stems from a projected population boom of 26%, with the city's inhabitants expected to swell from 5. 9 million to a staggering 9. 2 million over the next decade.
Fueling this growth is a potent combination of factors. The Saudi government's unwavering commitment to infrastructure spending is laying the groundwork for a dynamic and well-connected city. This focus on infrastructure aligns perfectly with the ambitious goals outlined in Vision 2030, a far-reaching national program designed to diversify the Saudi economy and lessen the dependence on oil.
A crucial pillar of Vision 2 فارسل (Farasel) (diversification) is the transformation of Riyadh into a thriving commercial and residential hub. This vision is already attracting significant interest from international corporations. In 2023 alone, over 180 foreign companies established their regional headquarters in Riyadh, exceeding the initial target by a healthy margin. This surge in corporate confidence underscores the immense potential that global investors see in the Saudi capital.
Savills' Growth Hubs Index goes beyond population growth, meticulously examining economic strength and projecting its trajectory until 2033. The analysis paints a promising picture for Riyadh, indicating a robust and expanding economy that will further fuel its meteoric rise.
Experts believe this confluence of factors – government investment, economic diversification efforts, and burgeoning corporate interest – will propel Riyadh to the forefront of global urban centers. The city is transforming at an unprecedented pace, and with its sights set on a place among the fastest-growing metropolises, the future of Riyadh appears to be gleaming.