Riyadh, Jeddah among Middle East’s top ‘resilient cities’

Riyadh and Jeddah have been named among the top five “most resilient” cities in the Middle East, UK-based real estate consultancy Savills said in a recent report.

Abu Dhabi topped the list in the Middle East and is currently ranked the 22nd most resilient city, globally. It will retain that ranking until 2028. 

Dubai, Kuwait City, Riyadh and Jeddah make up the other top five most resilient cities in the region. However, Riyadh is set to overtake Kuwait City by 2028.

Courageous investors looking for long-term returns should look to Middle Eastern, Indian and second-tier Chinese cities, as these markets are likely to grow in the face of global disruption in the coming decades.

The report identified Riyadh and Jeddah as among the eight “challenger cities” that will make the biggest leaps up the ranking in the next decade.

New York, Tokyo, London and Los Angeles are the top four most resilient cities globally, and will remain so in 2028, Savills said.

Meanwhile, the number of cities with the gross domestic product (GDP) of more than $50 billion has grown from 177 to 248 in the past decade. By 2028, this number is expected to jump to 317.

Cities with GDP over $50 billion accounted for 83 percent of global GDP in 2018, a surge from 79 percent a decade ago. This is expected to increase to 89 percent over the next 10 years as the importance of cities continues to accelerate.

"The list of the world's top global cities may feel like it is almost set in stone, but, as is becoming apparent, disruption is on the menu, and we are set to see some sweeping changes to the way society functions and how businesses operate in the next 10 years," said Simon Hope, head of global capital markets at Savills.