RIYADH: Saudi Arabia’s Vision 2030 has resulted in close to $1 trillion of real estate and infrastructure projects being announced across Saudi Arabia since 2016, according to an analysis carried out by global property consultant, Knight Frank.
According to the property expert, nearly $300 billion of the total spend is dedicated to new infrastructure, including vast new passenger rail networks and a brand-new airport for Riyadh which is expected to be the home base for a new national airline.
On the real estate front, Knight Frank highlights eight new cities that are planned, mostly on the country’s western seaboard, along the Red Sea coast, where nearly $575 billion is being spent to deliver over 1.3 million new homes, more than 3 million sq m of world-class offices and over 100,000 hotel rooms.
The Saudi futuristic city Neom alone will cost an estimated $500 billion and is being positioned as a new vision for future cities. This new metropolis will not be another smart city, but one that sees cutting-edge technology being used to create one of the most innovative and sustainable places in the world.
Meanwhile, Riyadh is poised to become entrenched as the commercial nerve center for the kingdom, with more than 100,000 new homes expected by the end of 2023 and close to 3 million sq m of new office space in the works, along with over 12,000 hotel rooms, spread across mega projects worth an estimated $63 billion.
Faisal Durrani, Partner – Head of Middle East Research, said: “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. And this is only about a third of the total spend planned.”
“The number and value of megaprojects around the country set to transform the country’s real estate landscape, the standard of living, lifestyle offering and perhaps most importantly, showcase the Kingdom’s vision for an ultra-modern future to a global audience,” he added.
