RIYADH — The decision by Saudi Arabia's Council of Ministers on Tuesday to establish a specialized center for upgrading infrastructure projects in the Riyadh region will enhance the city's competitiveness and make it a destination for international companies with major investment flows, according to senior officials and experts. Crown Prince and Prime Minister and Chairman of the Royal Commission for Riyadh City (RCRC) Mohammed bin Salman announced in January 2021 that a strategy was being prepared to make Riyadh one of the 10 largest economies in the world. Mayor of the Riyadh Region Prince Faisal bin Ayyaf said the center would contribute to organizing the work of various projects in the Saudi capital in a way that guarantees raising the quality of business, preserving the infrastructure, and keeping pace with major developmental surgees that Riyadh is currently witnessing. Prominent economist Khaled Al-Jasser, head of the Amakin International Group, highlighted the importance of the proposed center in improving infrastructure projects in Riyadh to align with the Kingdom's plans to become a regional commercial hub. He said the capital city is a destination for international companies with huge investment flows. Al-Jasser said Riyadh has recently witnessed the opening of the regional headquarters of several international companies. "This shows the confidence enjoyed by the Saudi economy at the international level, and at this pace Riyadh would become the largest and most attractive destination for investments in the region," he said. Al-Jasser pointed out that Saudi Arabia has worked to consolidate economic cooperation with various countries by stimulating the government and private sectors and continuing the exchange of visits between business leaders. "Hence, the establishment of the center comes as a practical application of an economic vision in diversifying sources of income, in addition to achieving the Riyadh strategy and strengthening the country's position as an international investment destination," Al-Jasser said. He said the new decision of the Council of Ministers reflects efforts aimed at implementing the Kingdom's priorities, in addition to creating thousands of job opportunities. The new center will help strengthen the foreign investment market, he added. For his part, real estate expert Khaled Al-Mubayed, CEO of Monassat Real Estate Company, said the center provides a unified operating model for organizing business and improving the quality of its implementation. "The goals of the center keep pace with Riyadh's status and its prosperous future to realize the government's aspirations and quality of life goals according to Vision 2030," he pointed out. According to Al-Mubayed, projections point to major future projects in the Saudi capital, so that it would become one of the largest urban economies in the world, which enhances growth and development in the city.
