Riyadh is undergoing a significant transformation with plans for $23 billion dollars of investments being pumped into the capital. It is no surprise that the Middle Eastern region has been booming in recent years, through economic revivals from oil, to diversification of energy commitments and investments, enhancing prosperity in the region. However, the blossoming country of Saudi Arabia is not only promoting green initiatives through this investment, but a healthier lifestyle. From projects such as parks and museums to sports facilities and golf courses, the transformation of Riyadh is setting the bar high. Whilst the capital undergoes such a significant transformation, the country plans to promote and to enhance tourism, investments and bolster their economy as a whole through the project.
What to Expect?
The plan for Riyadh`s growth is not to be under estimated. It is, essentially, a plan to revive the capital and generate a prosperous city of growth and success. The $23 billion investment is, and will be, a significant achievement for Saudi Arabia as a whole. The project aims to enhance tourism, diversifying the economy further and relying on other sources of income as opposed to traditional energy and oil funding. What is to be expected?
New welfare projects include sports facilities and a vast, green, central park that hopes to encourage a healthier lifestyle for all generations. Saudi Arabia is aiming to promote an active lifestyle, while expanding their economic reliance through other outlets that can generate income. Some of the projects launched are as follows: Sports Boulevard, Riyadh Art, King Salman Park and Green Riyadh. Saudi Arabia will witness a lifestyle transformation, a cultural change and an overall expansion of the capital.
Additionally, the investment draws heavily on generating a robust tourist landscape in order to support the Saudi Arabian economy. Thus, the project is not purely for generating a greener, more active and sustainable lifestyle, but to influence tourists to visit the capital. If we look more closely at one of the projects, the King Salman Park, it is set to spread out over a 13.4 square kilometre area, which will include garden areas, open theatres, art sections, up to sixteen hotels, seven museums and even a golf course. Therefore, we can visualise that this portion of the project is, on its own, a significant revival plan, not just to boost the country`s lifestyle but to create a place for all to visit.
Aimed at increasing activity in the capital, the project for a Sports Boulevard is set to include bicycle routes, spanning to 135 kilometres, and horse-riding areas for all citizens to enjoy. Furthermore, to keep the concept of going green and providing sustainability, the capital will also be increasing its per capita green space to 28 square metres (currently at 1.7 square metres).
Although these projects set to begin in the second half of 2019, most are expected to be completed from 2023-2030. Through this timeframe, there are a predicted 70,000 extra jobs generated and huge investment opportunities for the private sector. Through enhancing private sector participation, the Kingdom can expect a fresh barrel of fuel for growth.
The Middle-Eastern Gem
Saudi Arabia`s distinguishable landmass, religious significance and central location have supported the Kingdom in becoming an outstanding country in the Middle East. However, these new initiatives are set to completely and positively transform the country beyond Riyadh and, perhaps, breed potential for further investments throughout the country. Opportunities will be plentiful for savvy exporters, developers and construction companies.
Whether are already conducting business with Saudi Arabian companies or not, it is important that you understand the region, the data and the day-to-day operations before investing, extending credit, trading or engaging in mergers or acquisitions. To properly mitigate risks and take controlled opportunities in the Middle East it would be beneficial and indeed advisable for you to do your due diligence pre-emptively.
Cedar Rose has been active in the Middle East, in countries such as Saudi Arabia for over 20 years, with specialist knowledge of the region. We have qualified researchers who are experts at sourcing information, speak the local language and provide the highest quality, trusted data and due diligence reports for the region in a compliant way. Our due diligence professionals can provide you with the in-depth investigations necessary to draw the correct information to help you and your company. Trained and experienced in the region, they have in-depth knowledge in countries such as Saudi Arabia and are ready to provide you with the necessary information and business intelligence to utilise the opportunities that the Middle East has to offer.
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*** The sole purpose of the article above is to generate public discussion, it has no intention to constitute legal advice. ***