**Riyadh: Capital of Transformation and Growth Records Record Economic Expansion and Unprecedented Urban Expansion**
**Riyadh: Capital of Transformation and Growth Records Record Economic Expansion and Unprecedented Urban Expansion**
Riyadh recorded record economic growth in the first quarter of 2024, with non-oil GDP rising by 7.2% compared to the same period last year, according to official data released by the General Authority for Statistics. This acceleration comes amid the implementation of massive projects under Saudi Vision 2030, which aims to diversify the economy and strengthen Riyadh’s role as a regional hub for finance, innovation, and culture.
Data showed that the technology and digital services sector posted the highest growth rate, increasing by 15.3%, supported by the launch of 12 new national initiatives in artificial intelligence and the opening of new business incubators in the “Neom for Riyadh” zone, spanning over 1.2 million square meters. The number of registered startups in the city rose to more than 15,000 over the past 12 months—a 41% increase compared to the previous year, according to the King Abdulaziz and His Companions Foundation for Talent and Creativity.
On infrastructure, Riyadh has accelerated its urban development projects: 80% of the historic Diriyah project—the largest urban regeneration initiative in the Kingdom—has been completed. The Ministry of Transport inaugurated the first phase of Riyadh’s metro system, linking King Salman Station to King Abdulaziz Station across a 30-kilometer route, with daily ridership exceeding 400,000 passengers, according to the General Authority for Transport.
Abdullah Al-Eisa, President of the Riyadh Development Authority, stated in an official comment: “Riyadh today is not merely a political capital; it has become an economic and social engine attracting global investments and skilled talent from every continent. In just one year, we have achieved what was expected to take five years.” He added: “Since 2020, we have invested over 200 billion SAR in infrastructure and services, with a target to increase housing capacity to 1.5 million units by 2030 to accommodate projected population growth.”
Riyadh’s population reached 8.3 million by the end of Q1 2024, a 3.8% increase from the previous year, according to the General Authority for Statistics—making it the most densely populated city on the Arabian Peninsula. The city continues to attract expatriates, with a 12% rise in professional visa issuances. The United States, India, and France remain the top sources of foreign talent.
Culturally, the Ministry of Culture opened the “Modern Riyadh Museum” in the Al-Suwaiq district last March—the first interactive museum documenting the city’s evolution from a small village into a global capital. It attracted over 500,000 visitors within its first 45 days of operation, according to official visitation metrics.
With ongoing expansion of major projects such as “Riyadh in the Heart,” “Project Hail,” and “King Salman Energy City,” the government affirms that Riyadh is steadily on track to become one of the world’s top 10 cities for quality of life by 2030, according to World Bank and OECD benchmarks.
In summary, Riyadh is undergoing a radical transformation across all dimensions—economic, urban, cultural, and demographic—backed by unparalleled strategic investment. The numbers confirm that the city is no longer merely a seat of governance, but has emerged as a global model for sustainable transformation and urban innovation.
صحيفة عكاظ اليوم ، موقع إخباري شامل يهتم بتقديم خدمة صحفية متميزة للقارئ، وهدفنا أن نصل لقرائنا الأعزاء بالخبر الأدق والأسرع والحصري بما يليق بقواعد وقيم الأسرة السعودية، لذلك نقدم لكم مجموعة كبيرة من الأخبار المتنوعة داخل الأقسام التالية، الأخبار العالمية و المحلية، الاقتصاد، تكنولوجيا ، فن، أخبار الرياضة، منوعات و سياحة.