Saudi Arabia | Riyadh is the only Arab city on a global list of the best growing cities

Weather of Arabia - The Saudi capital, Riyadh, was able to acquire a prominent position by entering the list of the 15 fastest growing cities by the year 2033, according to the Savills Growth Centers Index in the latest edition of its global thought leadership program “IMPACTS”.

Business expansion opportunities in the Kingdom

The Kingdom offers a wide range of opportunities for new projects and business expansion, thanks to Vision 2030. Riyadh is the only Arab city to appear on Savills' list of the top 15 growth centers, thanks to expectations that its population will grow by 26%, raising the number from 5.9 to 9.2 million people within the next ten years. This growth is expected to lead to continued government spending on infrastructure projects and improved facilities and services to accommodate the growing population.

• Employment and purchasing power

“The Kingdom’s population is approximately 36 million people, and it is noteworthy that 67% of them are under the age of 35,” says Richard Ball, Head of Professional Services and Consulting in the Middle East at Savills. “The employment and purchasing power potential of this segment over the next decade is enormous.”

• foreign investment

Government data showed that the net inflow of foreign direct investment into the Kingdom increased by 5.6%, reaching 9.5 billion Saudi riyals ($2.53 billion) in the first quarter of 2024 compared to the previous year. Ramzi Darwish, President of Savills in Saudi Arabia, says:

“Several factors contributed to attracting international companies and strengthening Riyadh’s position as a vital regional center, including a 30-year tax exemption for regional headquarters, expanding the market, and promising prospects. The number of foreign companies that established their regional headquarters in Riyadh exceeded the initial goal of establishing more than 180 companies in the year 2023.” "

• Savills Growth Centers Index

The Savills Growth Centers Index is one of the indicators linked to the Resilient Cities Index, as the economic agency studied and related expectations until the year 2033 to identify cities that are likely to achieve high growth, and that have increasing wealth and expanding economies. Indian and Chinese cities occupied five places each in the top 15, followed by two cities in Vietnam, and one place each in the Philippines, Bangladesh and Saudi Arabia.

Riyadh is the only Arab city on a global list of the best growing cities by 2033. (Riyadh)

- Hashtag Saudi Arabia (@HashKSA) July 16, 2024

• Economic growth and real estate expansion

“Forecasts are that cities in India and Bangladesh will average 68% GDP growth between 2023 and 2033, followed by cities in Southeast Asia at 60%,” says Paul Tostevin, director and president of global research firm Savills. Attractive to growing businesses, which will boost demand for offices, manufacturing space, logistics and homes.

• Economic transformation in Asia

Tostevin points out that the shift in Asia's economic base, combined with the increasing focus on technology-led growth, will support the region's cities in the global rankings. Investment in infrastructure and strategies to improve connectivity and business competitiveness will also strengthen the position of these cities.

• Sustainability and educational standards

Tostevin stresses the importance of thinking about paths to achieving more environmentally sustainable development, improving standards of education and participation in the workforce. Cities must facilitate stable and transparent real estate markets to ensure sustainable growth.

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