Arab News, Tuesday, Mar 30, 2021 | Shaaban 16, 1442
Saudi capital planning mega projects to transform the region’s retail landscape
Saudi Arabia:
Riyadh is aiming to reshape the retail environment in the region, as will become
evident by the many mega projects that will be launched over the next few years
as part of the Kingdom’s ambitious plan to nearly double the size of the
capital.
During the Future Investment Initiative, Crown Prince Mohammed bin Salman
unveiled plans to attract hundreds of international companies to set up their
regional bases in the city, create about 35,000 new jobs for Saudi locals and
double its population.
“That positions Riyadh as a global city that is open for business and that was
an open invitation as well for all the investors to come and be a part of this
massive journey that we are going to go through over the next ten years,” Hosam
Al-Qurashi, senior advisor to the Royal Commission for Riyadh City, said during
an online session at the Retail Leaders Circle MENA event on Monday.
“It’s important to note that the Kingdom is a young and progressive nation that
started the transformation a few years back, and we are in a hub connecting
three continents and we are definitely pursuing massive growth in the
contribution of our non-oil based economy to the overall GDP,” he said.
The megacity projects the Kingdom plans to launch will accelerate the
renaissance of the city to become a top international destination for tourism.
“Projecting forward to 2030, our plan is to attract 30 million visitors annually
— that’s a lot of traffic for retail — the city’s economy will double in just
ten years, a very important consideration for retail chains and how much they
want to grow within their footprint and within a city that carries more than 15
million residents . . . We plan to attract $80 billion through the city’s
government-backed projects of FDIs,” Al-Qurashi said.
One of the projects highlighted by Al-Qurashi is Riyadh Art, which aims to turn
the city into a gallery without walls. “We’re talking about 1,000 art pieces
ranging from art pieces at the entrance of the city the size of a mountain, to
small pieces in public spaces. The objective is to beautify the city and create
what is called a creative economy.”