RIYADH: According to a new Knight Frank analysis, the Kingdom’s successful economic diversification under Vision 2030 is driving Saudi Arabia’s capital to become a major global wealth hub. The Saudi capital is transforming from an oil-dependent economy to a financial, cultural, and lifestyle powerhouse that draws international firms, investors, and expats, according to the Riyadh edition of the “Emerging Wealth Hub” series. Along with significant infrastructural investments, rising demand for residential and commercial real estate is establishing Riyadh as a super center prepared for the future.
With 600 international companies, including Bechtel, PwC, and Northern Trust, establishing regional offices in Riyadh, the Regional Headquarters Program has been a major motivator and has already surpassed its 2030 goal. While premier office rentals have increased by 84 percent since 2020 and 23 percent in the last year, this surge has reduced Grade-A office vacancy rates to only 2 percent.
The city’s emergence as a financial and economic hub is complemented by its thriving startup environment, which is bolstered by government incentives, cutting-edge digital infrastructure, and an expanding talent pool.
Riyadh’s strategic vision, economic growth, and dedication to sustainability “position it as a leading global wealth hub of the future, attracting talent, investment, and tourism on an unprecedented scale,” according to Amar Hussain, Associate Partner in Research for the Middle East and North Africa region at Knight Frank.
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