MIAMI: Saudi Arabia and Miami have a lot in common when it comes to quality of life and business opportunities, experts said at the FII Priority conference in Miami on Thursday.
Both cities have, in the last few years, they said, promoted better living standards for their citizens through socio-economic policies.
“Miami had this incredibly welcoming spirit. It was set up for success from the top down,” said Jeff Zalaznick, restaurateur and managing partner of hospitality company Major Food Group. “I’ve really gotten to understand — with Vision 2030 and the things that they (Saudi Arabia) are looking for — that there are a lot of similarities between the quality of life and business (policies) in Miami and what’s happening in Saudi Arabia.”
The Kingdom made quality of life a priority in Saudi Vision 2030 and is one of the few countries in the world to have a minister dedicated to improving quality of life for its residents.
“Everything we do is based on quality of life. It is so important to the crown prince that he set up its own ministry,” said Jerry Inzerillo, group CEO of Diriyah Gate Development Authority, adding that “positivity and optimism” are the “fuel of that country.”
In the latest World Happiness Report, Saudi Arabia was ranked No. 2 in the Arab World, and 30th in the world.
Barry Sternlight, chairman and CEO of Starwood Capital Group, pointed out that cities that have not not invest in their citizens’ quality of life have seen their population decline.
“I think that quality of life is driving market share,” he said. “It’s driving the success of cities that are focused on improving the lives of their citizens.”
Sternlight observed that the parameters individuals use to determine quality of life are evolving and are no longer entirely centered on economic concerns.
“People are looking for meaning and purpose, and whether it’s sustainable development,” he said.
Sternlight added that people consider art and culture to be key aspects of quality of life in cities and emphasized that having museums, galleries, and artistic offerings as part of the fabric of a city is essential to its success.
The CEO of real estate development firm Daccra, Craig Robins, said that building an ecosystem around art and culture is crucial and should include supporting artists, small galleries, and other related businesses.
He cited Miami Design District as an example, and explained that since its launch in the early 2000s, the neighborhood has become a center of creativity and a thriving hub for culture and business — not only for Miami but the world.
“The goal was to create a sense of community that people would really love — something that was different, and something that could be a resource for all,” Robins said.
