By Salim Yunusa
Saudi Arabia has announced a new development plan to increase the population of Riyadh, its capital city, by 12.5 million in 10 years.
Speaking at the Future Investment Initiative (FII) gathering in Riyadh, Mohammed bin Salman, Saudi Arabia’s crown prince, said the country hopes to make Riyadh one of the top 10 economic cities in the world.
The new development plan contains establishing new economic zones, financial investments in various sectors, tourism development, environmental protection and urban beautification in the Riyadh city.
“We are therefore aiming to make Riyadh one of the 10 largest city economies in the world. Today it stands at number 40, the fortieth largest city economy worldwide.
“We also aim to increase its residents from 7.5 million today to around 15-20 million in 2030.” he said.
According to Salman, the cost of creating jobs in the city is 30 percent less than in other cities in the Kingdom.
The government of the United Arab Emirates (UAE) has also announced plans to grant investors and some professionals citizenship status.