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Saudi Arabia to invest $220 bln in Riyadh development over next 10 years: Official

Saudi Arabia is investing $220 billion to transform Riyadh into a global city by 2030 and expects to attract a similar amount of investment from the private sector, the head of the royal commission for the capital told Reuters on Thursday.
Saudi Crown Prince Mohammed bin Salman wants Riyadh to become one of the world’s biggest 10 cities under his economic reform strategy aimed at ending the kingdom’s dependence on oil and transforming it into a global investment power.“The government through the (sovereign wealth fund) PIF, the national development fund, and the Royal Commission for Riyadh is already investing about 220 bln dollars over the next 10 years,” Fahad Al-Rasheed, president of Riyadh’s royal commission told Reuters in a phone interview.
https://twitter.com/AlArabiya_Eng/status/1354825112738906123
Riyadh, where around 8 million people live and work, is notorious for its multi-lane highways and concrete block buildings.
The city has recently changed to host cinemas and outdoor dining places under government efforts to open up Saudis’ cloistered lifestyles, encourage physical activity and make life more fun in the conservative kingdom,
“If we get another 7 million people to move in to Riyadh, you will need housing worth another 200 bln dollars, and through private sector investments to accommodate that population, you will need another similar amount. The message is that the Saudi government is putting in its money first,” Al-Rasheed added.
https://twitter.com/AlArabiya_Eng/status/1354832626020835328
Speaking at the kingdom’s Future Investment Initiative conference, Crown Prince Mohammed said he aimed for Riyadh to have a population of around 20 million people by 2030.
Over 100 investment projects will be announced for Riyadh over the next couple of months, with a focus on finance, banking, industrial, logistics, biotech, the digital economy and other sectors, Al-Rasheed said.
The royal commission is also investing in projects that are aimed at improving the quality of life in the capital, by increasing green space and recreational areas and installing 1,000 works of art across the city.
PIF plans to invest 3 trillion riyals ($800 billion) in new sectors over the next 10 years. Analysts and bankers have said the plans will require huge amounts of external funding.
source: Reuters
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BENEFIT Sponsors BuildHer...
- April 23, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”
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