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Tue 4 Mar 2014 02:31 PM

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Riyadh, Jeddah named among world's cheapest cities

Economist report ranks Saudi cities as among two least expensive on the planet

Riyadh, Jeddah named among world's cheapest cities
(Photo credit: www.saudiaramco.com)

The Saudi Arabian cities of Riyadh and Jeddah are two of the least expensive cities in the world when it comes to living costs, according to a new report by the Economist Intelligence Unit (EIU).

The analyst company’s Worldwide Cost of Living 2014 study found the two destinations to be among the planet’s cheapest cities based on inflation of a basket of consumer staples over the last decade.

The EIU’s research found that petrol prices, one of the key components of the index, in the Gulf kingdom had actually fallen in both cities from an average $0.24 per litre ten years ago to just $0.13 now. This compared with an average of $1.73 per litre in Singapore, ranked as the world’s most expensive city according to the index.

Both Saudi cities were also rated as being good value for money when it came to buying other staples such as bread and cigarettes, although wine, another one of the components, was excluded as alcohol is illegal in the country.

According to the study, Mumbai was the world’s least expensive city overall, with the top ten also including Karachi, New Delhi, Damascus, Algiers and Bucharest.

In terms of the most expensive, Singapore moved up five places to replace Tokyo in top spot, followed by Paris and Oslo.

Other destinations in the top ten included Zurich, Sydney, Caracas, Geneva and Melbourne.

Weaam 6 years ago

If Damascus also on the list why it is not mentioned in the headline !!!
You suppose to be "Arabian" and treat all equally

Reem 6 years ago

It's because Syria is in war, that means that the costs of living are affected by the situation, its obvious and not surprising. Its surprising that a stable country, with huge developments worth billions is that cheap.

Solly 6 years ago

Jeddah and Riyadh cheap - good to see the law of supply and demand manifesting itself properly for a change.

Sam 6 years ago

salaries are lower - many of my IT professional expat friends (from subcontinent) make a little less than 20K SAR a month, but they seem to be fairly content with the overall cost of living and the ultimate savings they get to make.

Telcoguy 6 years ago

@Sam, thanks. I thought so but was not sure. I found Riyadh a fairly cheap place, and restaurants were quite good. Better value for money than Dubai if you can handle with no alcohol

I just would like to point that very few people in the UAE actually make the 20K per month you mention (I assume 1SAR = 1 DHM for simplicity)