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Riyadh ranks among world’s top 15 fastest-growing cities by 2033 – Report

Riyadh ranks among world’s top 15 fastest-growing cities by 2033 – Report
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Riyadh – Mubasher: The Saudi Arabian capital, Riyadh, has ranked among the world’s top 15 fastest-growing cities by 2033 based on economy, population, and wealth in the Savills Growth Hubs Index.

Riyadh’s population is anticipated to grow by 26% to 9.20 million from 5.90 million in 10 years, according to a report by Savills.

Savills’ report expects the growth in population to lead to the continuation of government spending on mega infrastructure projects and improve amenities and services.

Richard Paul, Head of Professional Services and Consultancy Middle East, said: “Saudi Arabia boasts a population of around 36 million people and, astonishingly, 67% are under the age of 35. The employment potential and ultimate spending power of this segment of the population over the next decade are enormous.”

Ramzi Darwish, Head of Savills in Saudi Arabia, commented: “The 30-year tax relief for regional headquarters, expanding market, and promising prospects are attracting international companies and reinforcing Riyadh’s position as a vital regional hub for leading businesses across diverse industries"

“Riyadh is experiencing a remarkable surge in corporate interest, with over 180 foreign companies establishing their regional headquarters in the city in 2023, surpassing the initial target of 160. This growing confidence reflects the robust potential of the Saudi capital,” Darwish added.

The Savills Growth Hubs Index, complementing the Resilient Cities Index, forecasts economic strength through 2033 to pinpoint high-growth cities. India and China dominate the top 15 with five cities each, while Vietnam claims two spots, and the Philippines, Bangladesh, and Saudi Arabia each secure one.