#SaudiArabia’s Vision 2030 Projects Reach $1.3 Trillion in Value - Bloomberg

Saudi Arabia’s Vision 2030 Projects Reach $1.3 Trillion in Value - Bloomberg

Saudi Arabia has launched $1.3 trillion in real estate and infrastructure projects over the past eight years as part of its plan to diversify the economy away from oil and become a more attractive place to live, work and travel.

The volume of projects is up 4% from a year ago, according to Knight Frank. This includes more than a million residential units and mega developments such as Neom on the Red Sea coast, the real estate consultancy group said in its latest Saudi Giga Projects Report.

About $164 billion worth of real estate contracts have been awarded since 2016, when Saudi Crown Prince Mohammed bin Salman unveiled his strategy to wean the country off its dependence on petrodollars and improve the quality of life for locals.

The largest chunk of that money — $28.7 billion — has gone to Neom, with heavy spending on the development within it known as The Line, a pair of mirror-clad towers expected to eventually span the length of about 105 miles.

Other projects with the highest awards to date include the National Housing Co. with $12 billion, the development of Diriyah Gate at $9 billion and the entertainment city of Qiddiya in Riyadh with almost $7 billion, Knight Frank said.