Riyadh Ranks Among the Top 15 Fastest-Developing Cities
The Saudi capital Riyadh was ranked among the top 15 fastest-growing cities by 2033 by the Savills Growth Hubs Index.
The Saudi capital of Riyadh has been ranked among the top 15 growing urban centers in the world, according to a report by Savills Growth Hubs, making it the only urban center outside of Asia to make the top 15. [1]
The Savills Growth Hubs Index identifies cities that are seeing significant growth in wealth, economic expansion and innovation, and population growth. The Index uses metrics like growth in GDP, personal wealth, and population, including population growth and migration, over the next decade. The analysis only includes cities that will have a GDP of $50 billion or higher by 2023.
Indian and Chinese cities dominated the rankings, each securing five positions in the top 15, followed by Vietnam with two, and the Philippines, Bangladesh, and Saudi Arabia each holding one spot.
Riyadh stands out as the sole non-Asian city listed among Savills' top 15 Growth Hubs. Its potential is underscored by an anticipated 26% population increase, with a population that is projected to grow from 5.9 million to 9.2 million over the next decade. Critically, it also boasts a young population, with 67% of the population under the age of 35.
Notably, Riyadh is also the only city in the top 15 that will not be a mega-city (a city with more than 10 million inhabitants), by 2033.
Saudi Arabia, propelled by Vision 2030--the country's blueprint to diversify its economy away from oil--is driving ongoing government investments in large-scale infrastructure projects and enhancing infrastructure and services to meet the needs of its growing population. Riyadh has seen a notable increase in corporate interest, with more than 180 foreign companies setting up their regional headquarters in the city in 2023, surpassing the initial target of 160. Saudi Arabia has offered tax incentives for regional companies to relocate their headquarters to the kingdom's capital.
As of January of this year, international firms must establish their regional headquarters in Saudi Arabia or risk losing hundreds of billions of dollars in government contracts.