As Saudi Arabia continues to diversify its economy, the total value of property and infrastructure projects since the National Transformation Plan’s inception in 2016 has surpassed $1.1 trillion, according to real estate consultancy Knight Frank. By 2030, the kingdom hopes to have more than 555,000 homes, over 275,000 hotel rooms, more than 4.3 million square meters of new retail space, and more than 6.1 million square meters of new office space.
In Saudi Arabia, a bold new vision is taking shape. Throughout the entire urban environment, it is evident that the world’s fastest-growing economy is undergoing a spectacular transition. The growth of the housing, infrastructure, and tourism sectors are among the main pillars of the kingdom’s comprehensive Vision 2030 economic reform agenda.
The nation is working on a number of large-scale tourism projects as it aims to increase the sector’s economic contribution from 3% of GDP to 10% by the end of this decade. These include Diriyah Gate, a seven-square-kilometer park with the At-Turaif UNESCO World Heritage Site at its centre, and NEOM, which comprises a natural reserve, coral reefs, and heritage sites on a number of islands along the Red Sea. The master plan for the Rua Al Madinah project, which will be built to the east of the Prophet’s Mosque, was announced by Saudi Arabia’s Crown Prince Mohammed bin Salman last month.
The expansion will increase the region’s capacity once it is finished, enabling it to accommodate up to 30 million Umrah pilgrims. By 2027, the kingdom’s capital, Riyadh, will have 20,000 more homes thanks to the $20 billion Diriyah Gate project. The city has also announced a $104 billion investment in real estate developments over the last six years, and details of a new $147 billion international airport are shortly to be revealed.
The kingdom is now constructing a number of initiatives in the sports, health, and educational sectors. Since it also places a high priority on sustainability and well-being, the $23 billion “Green Riyadh” effort is underway which would change the Saudi capital by planting 7.5 million trees, and the $500 million Riyadh Sports Boulevard. The healthcare and educational sector will also remain the focus of the Kingdom’s development plans in the coming years.
According to partner and head of Middle East Research at Knight Frank Faisal Durrani, “The planned construction in the country will easily make Saudi Arabia the largest construction site the world has ever known.”