In order to transform Riyadh into an economic, social and cultural hub for the region, Saudi Arabia is launching a SR3 trillion ($800 billion) plan to double the size of the city. The infrastructural boost will unveil through the next decade.
The ambitious strategy for the capital city 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, reports Arab News.
About $250 billion in investment is expected from the private sector, with the same amount generated by increased economic activity from population growth, finance and banking, cultural and desert tourism, and leisure events.
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.
The city also aims to be a Middle East artistic and cultural hub. An opera house is being considered, as well as public art shows with 1,000 works commissioned from around the world, the report said.
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