Saudi Arabia’s projects cross $1.1tn in 6years

As Saudi Arabia continues to diversify its economy, the total value of property and infrastructure projects since the National Transformation Plan’s inception in 2016 has surpassed $1.1 trillion, according to real estate consultancy Knight Frank.

On the list of 15 major developments that are in various stages of construction, the $500 billion futuristic Neom metropolis continues to be the largest project.

By 2030, the kingdom hopes to have more than 555,000 homes, over 275,000 hotel rooms, more than 4.3 million square metres of new retail space, and more than 6.1 million square metres of new office space.

“The planned construction in the kingdom will easily make Saudi Arabia the largest construction site the world has ever known,” said Faisal Durrani, partner and head of Middle East Research at Knight Frank.

“A bold new vision is unfolding in Saudi Arabia. The phenomenal transformation taking place in the world’s fastest-growing economy is visible across the entire urban landscape.”

The growth of the housing, infrastructure, and tourism sectors are among the main pillars of the kingdom’s comprehensive Vision 2030 economic reform agenda. Saudi Arabia is the largest producer of crude oil in Opec.

The Sakani plan is a collaborative effort of the Ministry of Housing and the kingdom’s Real Estate Development Fund, with an ambitious goal of increasing homeownership rates to 70% by 2030.