USD 1.3 Trillion Invested in Saudi Infrastructure Projects Since 2016
Project volume has increased by 4%, with plans to build over a million residential units and advance development of Neom.
Since the launch of Vision 2030 in 2016, Saudi Arabia has initiated USD 1.3 trillion in real estate and investment projects to diversify its economy beyond the oil sector, according to a new report by real estate consultancy Knight Frank. This year, project volume has increased by 4%, with plans to build over a million residential units and advance development of the Neom giga-project.
Approximately USD 164 billion worth of real estate contracts have been awarded by the state, with Neom receiving the largest share at USD 28.7 billion. Other significant allocations include USD 12 billion to the National Housing Co., USD 9 billion to Diriyah Gate, and nearly USD 7 billion to the entertainment city of Qiddiya.
Riyadh has been a key investment focus, with USD 35 billion in awarded contracts. By 2030, the capital is set to gain 29,000 hotel rooms, 4.6 million square meters of office space and 340,000 homes, along with several new developments as the city prepares for the 2030 World Expo and the 2034 World Cup.
A critical aspect of Saudi Arabia's real estate investments is the expansion of its hospitality sector, with plans to add approximately 362,000 new hotel rooms to meet the Vision 2030 goal of attracting 150 million visitors by the end of the decade.
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