As part of Saudi Arabia’s Vision 2030, the kingdom has announced almost US$1 trillion in real estate and infrastructure projects from 2016 to date.
According to expert analysis, about US$300 billion of the total expenditure is earmarked for new infrastructure, including several new passenger rail networks and a completely new US$147 billion airport for Riyadh, which has been tagged to house a new national carrier.
As part of the planned real estate projects, sources have highlighted 8 new cities that are in the works, most of them on the country’s western seaboard, along the Red Sea coast.
Already, almost US$575 billion is being expended on several projects which will leave the newly formed cities with over 1.3 million new homes, over 3 million sqm of luxurious offices, and over 100,000 hotel rooms.
Saudi’s futuristic city of Neom alone is expected to cost approximately US$500 billion and is being positioned as the new standard for its future cities. More than just another smart city, it will feature the use of top-notch tech solutions to develop one of the most innovative and sustainable cities on the planet.
Faisal Durrani, a top researcher in the region said: “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.”
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