(Bloomberg) — Saudi Arabia plans to pour 86 billion riyals ($23 billion) into beautifying its capital, Riyadh, with projects expected to create tens of thousands of jobs and provide new leisure opportunities in a city starved for them.
In addition to the kingdom’s investment, the projects will create opportunities for $15 billion in private sector financing, the government said. Preliminary design work is under way, and construction is to begin in the second half of the year, it said.
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Crown Prince Mohammed bin Salman will head the committee overseeing the projects, which are designed to transform Riyadh into “one of the world’s most livable cities,” according to a statement carried by the official Saudi Press Agency. Reporters were abruptly summoned to a briefing on the plans, released a day after the U.K.’s Guardian newspaper reported that Prince Mohammed has been stripped of some of his power amid a growing rift with King Salman.
The government hasn’t commented on the report, and separately, state television announced the king has ordered a road in Riyadh named after the prince.
The projects include:
King Salman Park, envisioned as one of the largest city parks in the world, including residential construction, hotels and an arts complex.
[…] Saudi Launches $23bn Riyadh Beautification Program […]