As of the 1st July 2018, Enta Australasia Pty Ltd/Best Union has been rebranded as VIVATICKET Pty Ltd. Click here to view the VIVATICKET Pty Ltd listing. 19th July 2018 - ENTA…read more
Report shows Saudi Arabia attracting US$1 trillion in infrastructure and mega-projects
Almost $1 trillion of real estate and infrastructure projects have been announced across Saudi Arabia since 2016 as the Kingdom’s economy is transformed under Vision 2030, according to analysis carried out by global property consultant Knight Frank.
Faisal Durrani, Knight Frank’s Head of Middle East research, explains “Saudi Arabia is a country being reborn.
“The ambition that underpins Vision 2030 is being borne out in reality and we are rapidly closing in on $1 trillion of developments, all of which are colossal. And this is only about a third of the total spend planned.”
According to Knight Frank, almost $300 billion of the total spend is dedicated to new infrastructure, leading Durrani to note “the number and value of mega-projects around the country are set to transform the country’s real estate landscape, standard of living, lifestyle offering and, perhaps most importantly, showcase the Kingdom’s vision for an ultra-modern future to a global audience.
“The scale of infrastructure improvements in the country is phenomenal.
“The aggressive targets laid out by the government to attract about 100 million annual visitors to the country by 2030 means both adequate and first-class gateways need to be created. We are already seeing the first of these trickling through, including the new cruise terminal at Jeddah Islamic Port. These developments are not vanity projects but will have a significant impact on economic growth.”
The cruise industry itself is set to create up to 50,000 jobs nationally, according to the Public Investment Fund and 1.5 million cruise visitors are expected annually by 2028.
Knight Frank highlighted eight new cities that are planned, mostly along the Red Sea coast, where almost US$575 billion is being spent to deliver over 1.3 million new homes and over 100,000 hotel rooms.
The NEOM resort alone will cost an estimated US$500 billion and is being positioned as a new vision for future cities. The new metropolis will use cutting edge technology to create one of the most innovative and sustainable places in the world.
Meanwhile, Riyadh is poised to become entrenched as the Kingdom’s commercial hub, with more than 100,000 new homes expected by the end of 2023 along with over 12,000 hotel rooms, spread across mega-projects worth an estimated US$63 billion.
Durrani added “delivering these projects at such speed is incredible, but clearly comes with its own challenges and opportunities. Regulations that govern the sale and lease of all property asset classes need to be carefully looked at if the Kingdom is to deliver a globally attractive investment landscape.”
Images: Concepts for Saudi Arabia's Amaala resort (top) and Qiddiya giga-project (below).
31st May 2021 - Saudi Arabia secures World Combat Games 2023
19th March 2021 - New Saudi Arabian Grand Prix revealed as F1’s ‘fastest street track’
25th February 2021 - New company launched to develop mountain tourism in Saudi Arabia’s Asir region
5th November 2020 - Saudi Arabia to host first F1 Grand Prix in 2021
30th September 2020 - Women-only waterpark opened in Saudi Arabia
28th April 2020 - Saudi Arabian investment fund acquires 5.7% stake in Live Nation
26th January 2019 - World’s first female-only trampoline park opened in Riyadh
25th February 2020 - Saudi Arabia commences construction on NEOM
3rd January 2020 - New research shows increasing tourist interest in visiting Saudi Arabia
6th November 2019 - New US$133 million Discover Saudi platform launched to drive tourism
6th October 2019 - Open space and cultural projects aim to transform Saudi Arabian capital
27th September 2019 - Saudi Arabia looks to open up to non-Muslim international tourists
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