Bloomberg: Riyadh is moving towards reducing the goal of doubling its population by 2030

Riyadh is expected to lower its goal of doubling its population by 2030, as the Saudi capital reshapes plans designed to support the trillion-dollar economic diversification agenda set by Crown Prince Mohammed bin Salman.

Riyadh is now looking to host 10 million residents by the beginning of the next decade, according to people familiar with the matter who requested anonymity because the information is private.

The current target is about 15 million people, according to the Royal Commission for Riyadh City, which said it is conducting reviews of strategic goals and sectors in the capital.

Saudi Arabia is reconsidering its priorities

This move comes as Saudi Arabia reconsiders its priorities regarding Vision 2030, and the Kingdom is working to transform into a new global center for everything from tourism to mineral exploration and chip manufacturing. It plans to receive influxes of foreign workers and international tourists, which will help the country boost its revenues in a wide range of sectors.

Read more: Bloomberg: Saudi Arabia is arranging its priorities to face the challenges of financing mega projects and the budget

The population of Riyadh is expected to grow by 1.8% this year to reach more than 7.8 million people, and exceed 8.5 million people in 2030, according to estimates by World Population Review. World Statistics Office data also shows that the Kingdom as a whole is home to about 36.5 million people.

Riyadh’s role in economic diversification

Riyadh is considered the backbone of the non-oil economy in the Kingdom, because it is the most densely populated region, and it also includes the offices of several international companies, including Amazon and Microsoft.

The number of new foreign projects in Saudi Arabia increased by 63% last year

The capital is a major focal point for Saudi Arabia’s transformation plan, as it prepares to host the World Expo in 2030 and may witness the events of the 2034 FIFA World Cup.

There are huge projects scheduled to be hosted by Riyadh, including Qiddiya Entertainment City, and the “New Square,” a multi-use real estate project, with the development of the new metro network system currently being worked on, as the capital aspires to become more attractive to live in. While meeting the needs of global visitors.

But it is uncertain whether all these projects will be implemented, and the Saudi Finance Minister, Mohammed Al-Jadaan, acknowledged the need for more funding, indicating that there may be a delay or acceleration of some projects.