10 september 2024 : Saudi Arabia has invested $1.3 trillion in real estate and infrastructure projects over the past eight years as part of its Vision 2030 initiative. This effort aims to diversify the economy away from oil and enhance the country’s appeal as a destination for living, working, and travel.
According to Knight Frank’s latest Saudi Giga Projects Report, the value of these projects has increased by 4% from the previous year. The projects include over a million residential units and major developments like Neom on the Red Sea coast.
Since the launch of Vision 2030 in 2016 by Crown Prince Mohammed bin Salman, $164 billion in real estate contracts have been awarded. Neom has received the largest share, with $28.7 billion dedicated to its development, including The Line, a pair of mirror-clad towers spanning approximately 105 miles.
Other significant investments include $12 billion for the National Housing Co., $9 billion for Diriyah Gate, and nearly $7 billion for Qiddiya, an entertainment city in Riyadh.
Saudi Arabia is rapidly advancing its construction sector, aiming to become the world’s largest construction market by 2030. Key projects include expanding Riyadh with $35 billion in contracts and adding 29,000 hotel rooms, 4.6 million square meters of office space, and 340,000 homes. The city will also host the World Expo in 2030 and the FIFA World Cup in 2034.
The western seaboard of Saudi Arabia has received over $54 billion in investment for at least 17 major projects. The country’s construction boom supports economic diversification, population growth, and tourism, with a goal to attract $100 billion in foreign investment and host 150 million tourists annually by 2030. To accommodate this influx, Saudi Arabia plans to add 362,000 new hotel rooms by the decade’s end, focusing on mid-market properties to appeal to a broader range of tourists.
