As reported by the Saudi Press Agency (SPA), the board of directors of the Royal Commission for Riyadh City (RCRC) convened a board meeting on 27th December 2021 to review Riyadh Strategy 2030 in light of the preparedness for its launch and decided to delay the launch of the 2030 strategy for the Kingdom’s capital due to the mammoth work involved and some of the key elements remained to be addressed.
His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister, and Chairman of the Board of Directors of the RCRC chaired the meeting.
The strategy for the Kingdom’s capital is to be put in motion during 2022 and further announcements would be made accordingly, the report cited. The Riyadh strategy 2030 to transform Saudi’s capital into one of the world’s top city economies was seen entering the final phase of implementation as the Saudi Crown Prince directed government officials to keep working on the executive plans of the strategy and directed all national and city-level government institutions to conclude the implementation of plans of the strategy before its launch, reported SPA.
As per the report, all government entities would be working closely with the RCRC and would present detailed plans and documentation of the initiatives and projects relevant to their respective sectors. Before setting the strategy in motion, detailed budgets would be proposed and responsibilities defined for ensuring a robust, integrated and full proof governance framework for implementing the strategy. The Crown Prince deliberated unveiling of a more detailed strategy soon.
Businesses willing to expand their operations through company formation in Saudi Arabia need to be in close touch with the RCRC, the entity responsible for implementing the Riyadh strategy, to explore and unlock potential partnership deals.
Prince Mohammed noted during the recently held Future Investment Initiative (FII) conference from 27-28 January emphasizing that the Riyadh Strategy will transform the capital into one of the world’s top ten city economies that would double its population to 15–20 million people. The strategy will also increase the number of visitors to more than 40 million by 2030, he also highlighted.
Built on six main pillars, Riyadh Strategy 2030 includes national human capital development and attracting best foreign talents, economic growth across various sectors, improvement of quality of life of its citizens, word-class measures for improving spatial impacts on urbanisation, effective governance and best utilization of resources of the city, and global branding for improving the city’s competitiveness, the SPA report revealed.
26 sectoral programmes will take the strategy implementation to fruition and include over 100 initiatives and 700 pioneer projects across various sectors. The initiatives and projects will cover different parts of the city and help transform Riyadh into one of the best cities globally to live in.
During the implementation phase, RCRC will monitor and measure more than 50 performance benchmark indicators, based on global leading cities, the SPA report highlighted.
As Riyadh Vision solidifies, foreign companies considering doing business in Saudi Arabia need to get proactively associated with the RCRC that can help address any future regulatory issues.