Future Hub City?

Riyadh is rapidly transforming into a global hub, strategically diversifying its economy beyond oil and attracting significant domestic and international business activity. This shift has led to a record low unemployment rate of 7% in Q4-2024, fueled by over 160,000 new business licenses issued in the same period, a 67% increase year-over-year. The total number of registered commercial entities in the Kingdom has surpassed 1.6 million, indicating robust economic growth.

A key driver of this transformation is the "Regional Headquarters Programme," which has already exceeded its 2030 target, attracting around 600 international companies, including giants like Bechtel, Northern Trust, and PwC. This influx has resulted in a mere 2% vacancy rate for Grade-A offices, with prime office rents surging by 23% in the past year and 84% since Q1-2020. Riyadh's office inventory is projected to expand significantly by 2027, supported by state-led infrastructure developments and institutional investor interest.

Simultaneously, infrastructure investments are progressing, including the Sports Boulevard, an expanding King Khalid International Airport serving 113 destinations, and the Riyadh Metro and public bus network. These developments are attracting expatriates, entrepreneurs, and families, solidifying Riyadh's position as a global city. The combination of multinational offices, high-quality residential areas, and leisure facilities positions Riyadh as a compelling live-work-play destination within the GCC and globally.