Riyadh - Economy

Economy

Riyadh is one of the richest cities in the Middle East and the 80th richest city in the world. Once a small walled city, Riyadh has developed into a dynamic metropolis over the years. Along with the urban areas of Dhahran, Dammam, Khobar and Jeddah, Riyadh has become a focal point for both travel and trade.

In addition to being the center of power, the city is also a commercial hub. Numerous educational, financial, agricultural, cultural, technical, and social organizations have set up base here. The architecture is mostly modern, including contemporary high-rise towers, but the Al-Dira district, the nucleus of the city, has been rebuilt in a style meant to evoke the old mud-brick buildings of pre-20th century Nejd.

From the beginning of oil exploration in Saudi Arabia to the present day, the government has promoted growth in the private sector by privatizing industries such as power and telecommunications. Saudi Arabia announced plans for privatizing the electricity companies. A lot of these new private conglomerates and companies headquarters are located in Riyadh, along with National Banks headquarters. Because of that, Riyadh is considered as the capital city financial and business center of the Middle East.

King Khalid International Airport has a major impact on the commercial movement in Riyadh, providing air transportation for millions of people each year and shipping goods to the city from all continents. When Sama, a local low-cost airline existed, its head office was in Riyadh.