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Riyadh, Capital of Industrial Cities Home Riyadh, Capital of Industrial Cities
The Saudi economy is now set to top the list of GCC countries as it contributes more than 48% of the regions GDP. It has struck an unprecedented budget in 2010 which has reached to 540 Billion S.R.. This is considered as a good indication of the strength of the Saudi market conditions for the foreseeable future. This vision clearly proves to be stronger than expected, especially in the light of the global financial crisis. The continuing stability of oil prices is a critical factor of income and a main motivator of Saudi economical growth in the long run.

Riyadh is the political capital and financial trade center of the Kingdom of Saudi Arabia. The increased growth rates have exceeded the other main cities in Saudi Arabia. Riyadh is now considered to be one of the fastest growing cities in the world. The development of infrastructure has helped increase the demand on real estate projects, especially within the industrial sector. Estimates indicate that land areas acquired for industrial project purposes is forecasted to reach 8.3 Million m2 by 2010. As the industrial sector of Riyadh continues to witnesses increased growth during the current period, the Saudi government has increased its support for the industrial sector thus diversifying economical resources in order to reduce dependency on oil. The City of Riyadh has 37% of the total number of factories in Saudi Arabia elevating its position above all other cities in the Kingdom. The numbers of factories in Riyadh have increased annually at a compounded rate of 2.8%. It currently has two industrial zones with a total area of 18.2 Million m2 devoted to the industrial sector which are rapidly becoming congested. It is expected that the gap between supply and demand will reach new highs, during the next five years between 7.2 Million m2 in 2009 up to 2.7 Million m2 in 2013.This gap is evident as there are long waiting lists amounting to 450 applications to obtain land dedicated for industrial usage at the second industrial Gate City in Riyadh.