RIYADH — The decision of the Saudi Council of Ministers on Tuesday to establish a specialized center for upgrading infrastructure projects in the Riyadh region enhances the city’s competitiveness and makes it a destination for international companies with major investment flows, according to senior officials and experts.
Crown Prince and Prime Minister and Chairman of the Royal Commission for Riyadh City (RCRC) Prince Mohammed bin Salman announced in January 2021 that a strategy is being prepared to make Riyadh one of the 10 largest economies in the world.
Mayor of the Riyadh Region Prince Faisal bin Ayyaf said that the center contributes to organizing the work of various projects in the Saudi capital, in a way that guarantees raising the quality of business, preserving the infrastructure, and keeping pace with the major developmental renaissance that Riyadh is currently witnessing.
Prominent economist Khaled Al-Jasser, head of the Amakin International Group, highlighted the importance of the proposed center in improving the infrastructure projects in Riyadh to align with the Kingdom’s plans to become a regional commercial destination. He said the capital city is a destination for international companies with huge investment flows.
Al-Jasser said that Riyadh has recently witnessed the opening of several regional headquarters for international companies. “This shows the confidence enjoyed by the Saudi economy at the international level, and Riyadh would be the largest and most attractive destination for investments in the region,” he said.
Al-Jasser pointed out that Saudi Arabia has worked to consolidate economic cooperation with various countries by stimulating the government and private sectors and continuing the exchange of visits between business leaders. “Hence, the establishment of the center comes as a practical application of an economic vision in diversifying sources of income, in addition to achieving the Riyadh strategy and strengthening the country’s position as an international investment destination.
He said that the new decision of the Council of Ministers reflects the efforts aimed at implementing the Kingdom’s priorities, in addition to providing thousands of job opportunities and strengthening the foreign investment market, which will benefit from the establishment of the new center.
For his part, the real estate expert Khaled Al-Mubayed, CEO of Monassat Real Estate Company, said that the center provides a unified operating model for organizing business and improving the quality of its implementation. “The goals of the center keep pace with Riyadh’s status and its prosperous future that achieves the government’s aspirations and quality of life goals according to Vision 2030,” he pointed out.
According to Al-Mubayed, predictions point to major future projects in the Saudi capital, so that it would become one of the largest economies of cities in the world, which enhances economic growth and urban renaissance in the city.
In an important development, the Saudi Council of Ministers announced its decision on Tuesday to establish a specialized center for upgrading infrastructure projects in the Riyadh region. This decision is expected to enhance the competitiveness of the city and make it a lucrative destination for international companies with significant investment flows. Experts and senior officials have welcomed this decision and believe that it will have a positive impact on Riyadh’s economic growth.
Prince Mohammed bin Salman, the Crown Prince, Prime Minister, and Chairman of the Royal Commission for Riyadh City (RCRC), had previously announced in January 2021 that a strategy was being developed to make Riyadh one of the world’s top 10 economies. The establishment of this specialized center aligns with this ambitious goal and reflects the determination to transform Riyadh into a regional commercial hub.
Prince Faisal bin Ayyaf, the Mayor of the Riyadh Region, emphasized the importance of this center in organizing various projects in the Saudi capital. He stated that it will raise the quality of businesses, preserve the infrastructure, and support the ongoing developmental renaissance that Riyadh is currently witnessing. This center will play a crucial role in streamlining project management and ensuring optimal efficiency.
Renowned economist Khaled Al-Jasser, the head of the Amakin International Group, stressed the significance of improving infrastructure projects in Riyadh to attract international companies and stimulate foreign investment. He highlighted the recent establishment of regional headquarters for international companies in Riyadh, which demonstrates confidence in the Saudi economy and solidifies the city’s position as an attractive investment destination. Al-Jasser believes that Riyadh has the potential to become the largest investment destination in the region.
Saudi Arabia has actively pursued economic cooperation with various nations, fostering both government and private sector collaboration. Through frequent exchanges of visits between business leaders, the country has sought to diversify its sources of income and strengthen its position as an international investment destination. The establishment of this specialized center is a practical application of the economic vision, supporting the goals of economic diversification and the overall Riyadh strategy.
This decision is expected to create thousands of job opportunities and contribute to the growth of the foreign investment market. It aligns with the Kingdom’s priorities for economic development and showcases its commitment to creating a favorable business environment. The new center will enhance coordination and collaboration between the public and private sectors, leading to the efficient implementation of infrastructure projects.
Khaled Al-Mubayed, the CEO of Monassat Real Estate Company and a real estate expert, highlighted the center’s role in organizing businesses and improving their implementation. He believes that the center’s goals are in line with Riyadh’s status as a rapidly developing city, aimed at achieving the aspirations outlined in Vision 2030 related to improving the quality of life and economic growth. Al-Mubayed predicts major future projects in Riyadh, positioning the city as one of the largest economies globally, further contributing to urban development and economic progress.
In conclusion, the establishment of a specialized center for upgrading infrastructure projects in the Riyadh region is a significant step towards realizing Riyadh’s ambition of becoming one of the world’s top economies. This decision has been applauded by experts and officials, who recognize the positive impact it will have on the city’s competitiveness and its attractiveness to international companies. The center will play a pivotal role in organizing projects, improving their quality, and aiding the ongoing developmental renaissance. It will also create job opportunities, strengthen the foreign investment market, and consolidate Riyadh’s position as an international investment destination. With its ambitious goals and dedication to economic growth and urban development, Riyadh is set to become a key player in the global economy.