Saudi Arabia turns into the largest construction site in the world, with projects exceeding one trillion dollars
Real estate consultancy Knight Frank has released an Infrastructure Value Report, which coincided with the Saudi Infrastructure Summit that took place on Tuesday in Riyadh.
The report stated that the total value of the real estate and infrastructure projects in Saudi Arabia has exceeded $1.1 trillion, since the launch of the Kingdom’s National Transformation Plan in 2016.
The plan includes 15 mega projects in various stages throughout the Kingdom, including more than half a million housing units and more than 275,000 hotel rooms.
It also includes 4.3 million square meters of retail space, and more than 6 million square meters of new office space expected to be completed by 2030, making Saudi Arabia the largest construction site ever.
At the heart of the transformational plans are healthcare, education, and welfare projects, as more than 19,000 beds are supposed to be added to healthcare projects with investments of about $14 billion.
NEOM is still the largest mega project announced so far, with investments of half a trillion dollars, and the project is scheduled to house 9 million residents when completed through 300,000 new homes.
So far, $7.5 billion of sub-projects have been awarded in NEOM, and progress in building this segment of projects is 29%.
NEOM includes other sub-cities such as The Oxagon, Trojena, and The Line, which will set new standards for luxury living in the region.
The capital, Riyadh, is also preparing for explosive growth, with the capital’s population expected to grow by more than 120 percent, reaching 17 million by 2030.
In line with this growth, Riyadh has unveiled real estate projects worth $104 billion over the past six years.
$200 billion of investments have been allocated to infrastructure projects, the largest of which is the share of the new Riyadh airport at about $147 billion, and the Riyadh metro at about $25 billion.
