THE NEXT CONSTRUCTION HUB IS KSA: CLAIMS KNIGHT FRANK

By 2030, Saudi Arabia is expected to surpass all other countries as the largest construction site in the world, according to global real estate consulting firm Knight Frank.

It may even surpass the greatest construction site in history with a total investment of SR4.13 trillion ($1.1 trillion) and the installation of over 555,000 residential units, 275,000 hotel keys, 4.3 million square meters of new retail space, and over 6.1 million square meters of new office space.

By 2030, Riyadh’s population, which is currently 7.5 million, is expected to reach 17 million, according to a projection by Knight Frank. Riyadh alone has seen the announcement of real estate projects worth $104 billion since the publication of Saudi Arabia’s national development plan, Vision 2030, in 2016.

The real estate company also claimed to have knowledge of $147 billion in new international airport plans; further information is anticipated soon. This airport receives about 74% of the $200 billion in national infrastructure spending.

Harmen de Jong, head of Real Estate Strategy & Consulting, Saudi Arabia, stated, “We are now following 15 giga projects in various stages of construction throughout the Kingdom, many of which are new stand-alone super-cities in their own right.”

However, only $7.5 billion in subprojects have been started so far, with a 29% construction progress on this batch of projects.

When NEOM is finished, it will be the largest giga-project announced to date, housing 9 million people across 300,000 new dwellings.

According to the survey, nearly 30% of home owners in the Kingdom are willing to spend more than $800,000 on a second home in NEOM, so developers will have their hands full trying to meet this rising demand.

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