According to a report by real estate firm Knight Frank, Saudi Arabia’s Vision 2030 has resulted in roughly $1 trillion in real estate and infrastructure projects announced since 2016.
The number and value of megaprojects across the country are set to transform the real estate landscape, standard of living, and lifestyle, according to Knight Frank.
About $300 billion of total spending is earmarked for new infrastructure, and a new airport in Riyadh worth $147 billion is expected to be a major base for a new national airline.
On the real estate front, the spotlight is on 8 new cities planned along the Red Sea coast.
About $575 billion is being spent to provide more than 1.3 million new homes, more than 3 million square meters of world-class offices, and more than 100,000 hotel rooms.
The vision aims to attract 100 million visitors annually to the country by 2030, which means they need to create additional luxury entrances.
The first of these steps have already begun to materialize, for example, the new cruise terminal at Jeddah Islamic Port.
The cruise industry is set to create about 50,000 jobs nationally, according to the Public Investment Fund, and cruises are expected to attract 1.5 million visitors annually by 2028.
NEOM alone will cost about $500 billion and be emulated as a new vision for the cities of the future.
Riyadh is poised to become a commercial hub for the kingdom, with more than 100,000 new homes expected by the end of 2023.