Saudi Arabia is set to develop the world’s largest modern city in the capital, Riyadh, according to reports from the Saudi Press Agency. The city is expected to generate 180 billion Saudi Riyals (approximately $48.6 billion) for non-oil GDP and is set to be completed by 2030. The project, known as the New Marmalade Development Company, is expected to provide direct and indirect employment opportunities for 334,000 people.
The new city will cover an area of 19 square kilometers and will feature a museum, a technology and design university, a multipurpose theater, and more than 80 entertainment and cultural venues. This mega-project is part of Saudi Arabia’s plans to diversify its economy and reduce its dependence on oil exports. The aim is to make Riyadh a metropolis and double its population by 2030.
Once completed, the new city is expected to provide accommodation for millions of people and add $48 billion to Saudi Arabia’s non-oil GDP. The project is likely to create job opportunities for a large number of Indians working in the construction industry. Currently, more than 2.5 million Indians are working in Saudi Arabia.
The New Marmalade Project is part of a larger initiative by Saudi Arabia to compete with the likes of Dubai and Abu Dhabi in the region. The country is also building a city named NEOM that will be equipped with state-of-the-art facilities.
The development of the new city is a significant step towards improving the standard of living for the people of Saudi Arabia. By expanding cultural and recreational places, the project is expected to diversify the economy and provide more opportunities for the people of the country.
the New Marmalade Development Company project is an ambitious initiative by Saudi Arabia to transform its capital into a modern metropolis that will compete with other major cities in the region. The project is expected to create significant economic and employment opportunities for the people of the country and millions of Indians working in Saudi Arabia.