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FinancialNews
03-07-22
Riyadh drops out from top 100 world’s most expensive cities ranking
(MENAFN) In line with a report released by Mercer, Saudi Arabia’s capital, Riyadh, has fallen 72 spots in a ranking of the world’s highest costly towns for expats as it was removed from the top 100.
Riyadh was placed at 103 in Mercer's Cost of Living Index 2022, dropping from 29 in the prior year’s report.
Remarking on Riyadh’s drop, Khaled Al-Mobayed, chief executive of Menassat Reality Co., a Riyadh-based real estate developer, stated that “The results came in contrary to the expectations, due to the pandemic’s ongoing consequences and the rising cost of logistics and supply chain.”
he also stated that “Being out of the 100 top expensive cities is a good sign despite the challenges that the economy has gone through.”
Bassel Al-Khatib stated that “Lebanon is extremely expensive to those who get paid in Lebanese pounds yet very cheap for those who get pain in US dollars,” adding “Lebanon was expensive for both citizens and foreigners, and with the currency dropping 95 percent and the dollar reaching record levels, the situation changed.”
He also stated that “Everything has become expensive but not for foreigners who have dollars. All services by the government such as water, electricity fees, or internet are still the same but food prices skyrocketed.”
MENAFN03072022000045014228ID1104469804
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