According to research conducted by global property consultant Knight Frank, Saudi Arabia’s Vision 2030 has resulted in around $1 trillion in real estate and infrastructure projects since 2016. The property expert says that approximately $300 billion of the entire investment will go into new infrastructure, such as extensive new passenger rail networks and a brand-new airport in Riyadh that will serve as the home base for a new national airline.
Faisal Durrani, Partner at Head of Middle East Research at Knight Frank, explained: “Saudi Arabia is a country being reborn. The ambition that underpins Vision 2030 is being borne out in reality, and we are rapidly closing in on $1 trillion of developments, all of which are colossal,” adding that this is only about a third of the total spending planned.
Approximately $300 billion of the entire investment will go into new infrastructure
“The scale of infrastructure improvements in the country is phenomenal,” Durrani continued, adding that the targets laid out by the government for attracting 100 million annual visitors to the country by 2030 means that “both adequate and first-class gateways need to be created.”
He further went on to say that the number and value of mega projects in Saudi Arabia will dramatically change the Kingdom’s real estate landscape and its standard of living. He also referred to the new cruise terminal at Jeddah port, where the first cruise routes began operating. The analysis explained that, according to the Public Investment Fund (PIF), the cruise sector in the Kingdom is predicted to provide up to 50,000 jobs nationwide by 2028, and 1.5 million cruise guests are expected annually.
The cruise sector in the Kingdom is predicted to provide up to 50,000 jobs nationwide by 2028
Showcasing the Vision to a Global Audience
Knight Frank’s analysis focused on eight new planned cities along the country’s Red Sea coast, where approximately $575 billion is being invested in building over 1.3 million new homes, over 3 million square meters of world-class offices, and over 100,000 hotel rooms.
Riyadh, the Kingdom’s capital, is “poised to become established as the Kingdom’s commercial nerve center”
NEOM, Saudi Arabia’s futuristic city, is expected to cost $500 billion alone. It’s being marketed as a fresh vision for future cities, as well as a worldwide hub for innovation, trade, and creativity. This new metropolis will be more than a smart city; it will be one of the most innovative and sustainable locations on the planet, thanks to the application of cutting-edge technology.
Moreover, according to the report, Riyadh is “poised to become established as the Kingdom’s commercial nerve centre,” with mega projects costing an estimated $63 billion. By the end of 2023, over 100,000 new houses are expected, as well as nearly 3 million square metres of new business space and over 12,000 hotel rooms.
NEOM, Saudi Arabia’s futuristic city, is expected to cost $500 billion alone
“The number and value of mega projects around the country is set to transform the real estate landscape, standard of living, lifestyle offering and perhaps most importantly, showcase the Kingdom’s vision for an ultra-modern future to a global audience,” Durrani concluded.
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