The Kingdom of Saudi Arabia is witnessing a major transformation in the real estate sector with the launch of a group of major real estate projects and major developments, within the framework of the Kingdom’s Vision 2030. High interest rates pose major economic challenges, and investments in major projects in the Kingdom of Saudi Arabia have helped. This is in addition to other major development plans supported by the Public Investment Fund, in overcoming these challenges. Five official projects in the Kingdom have received construction contracts worth an estimated $45 billion since implementation began.
This ambitious vision aims to diversify the Saudi economy, promote sustainable development, and make the Kingdom a leading destination for investment and tourism at the global level. These projects include multiple fields such as clean technology, luxury tourism, entertainment, and industry, which contribute to driving economic growth and providing new job opportunities. In this introduction, we will review some of the most important of these projects and their expected impact on the future of the Kingdom.
NEOM project
The NEOM project stands as a cornerstone of Vision 2030, representing one of Saudi Arabia’s most prominent mega real estate developments. This ambitious project extends over an area of 26,500 square kilometers in the northwest of the Kingdom, and aims to create a future city based on clean technology and renewable energy. Additionally, NEOM’s expectations are to attract huge investments and contribute to creating new job opportunities, which will enhance economic growth in the region. Here are some statistical numbers related to the NEOM project:
Expected investments: Investors plan to allocate approximately $500 billion to the NEOM project over several development stages.
Area: The NEOM project extends over an area of more than 26,500 square kilometers, making it one of the largest urban projects in the world.
Time plan: The construction of NEOM City is to progress through several stages, aiming for full completion by 2030.
Expected Jobs: The NEOM’s project expectations is to create more than one million direct and indirect job opportunities in various sectors.
Sustainability: NEOM’s vision includes a commitment to environmental sustainability and the use of clean technology, which contributes to protecting and preserving the environment.
Red Sea Project
The Red Sea Project is a huge tourism project that aims to develop a series of islands on the Red Sea coast, in order to become a distinguished global tourist destination. The project focuses on luxury tourism and environmental conservation, as luxury resorts and hotels will be developed while preserving the region’s environmental diversity and unique marine life. Additionally, the project is expected to contribute to increasing tourism revenues and attract millions of visitors annually.
Project area: The Red Sea project extends over an area estimated at approximately 28,000 square kilometers.
Expected investments: The expectations of the Red Sea project’s investments are to reach approximately 500 billion Saudi riyals (about 133 billion dollars) over several years.
Number of expected jobs: The Red Sea project is expected to provide up to 35,000 direct and indirect job opportunities.
Number of islands: The planning of the Red Sea project is to include up to 90 islands. These islands vary between residential, tourist, and environmental islands.
Expected tourism: The Red Sea project will attract more than 3 million visitors annually by 2030.
Qiddiya project
Qiddiya is one of the largest entertainment and cultural real estate projects in the Kingdom, located near the capital, Riyadh. The project aims to provide a wide range of recreational, cultural and sporting activities, including theme parks, sports facilities and cultural centres. Moreover, Qiddiya aims to attract millions of visitors and provide many job opportunities. Which strengthens the local economy and contributes to improving the quality of life in the Kingdom.
The Qiddiya project is one of the largest agricultural projects in the Kingdom of Saudi Arabia, and aims to achieve self-sufficiency in food production and enhance food security. Here are some statistics related to it:
Area: The Qiddiya project extends over an area estimated at approximately 400,000 hectares, making it one of the largest agricultural projects in the world.
Investments: The total investments in the Qiddiya project are expected to reach billions of dollars, as this includes investments in infrastructure and advanced agricultural technology
Production Outlook: The Qiddiya project aims to produce a wide range of agricultural products, including grains, fruits, vegetables, and animal feed.
Economic and social impact: The Qiddiya project aims to contribute to providing job opportunities for thousands of workers in the agricultural sector, and to promote sustainable development in rural areas.
King Abdullah Economic City
King Abdullah Economic City is an integrated city located on the Red Sea coast, and is considered one of the largest real estate projects in the Kingdom. The city includes an industrial zone, a seaport, and residential and commercial areas, and aims to attract foreign investments and promote international trade. Moreover, the city will to play a pivotal role in promoting economic development and providing an attractive investment environment.
King Abdullah Economic City (KAEC) is one of the most prominent mega economic projects in the Kingdom of Saudi Arabia. Here are some related statistics:
Area: King Abdullah Economic City extends over an area of more than 181 square kilometers on the Red Sea coast, making it one of the largest economic cities in the world.
Investments: The value of the expected investments in the Economic City project amounts to hundreds of billions of dollars, as these investments include developing infrastructure, public facilities, and services.
Business and Industries: King Abdullah Economic City aims to diversify the Saudi economy by attracting a variety of industries and companies, including heavy, light, technology, and services.
Sustainability: KAEC is a model of sustainable development. It pays special attention to preserving the environment and using resources efficiently, including using clean energy and reducing harmful emissions.
Green Riyadh project
The Green Riyadh project is part of initiatives to improve the quality of life in the capital. This vital project aims to transform Riyadh into a more sustainable and green city. The project includes planting millions of trees and creating gardens and public parks, which contributes to improving the environment and increasing green spaces. Moreover, this project is part of the Kingdom’s vision to make Saudi cities more livable and environmentally friendly.
Project area: The Green Riyadh project area is approximately 41,000 hectares, making it one of the largest urban real estate projects in the world. Project cost: The cost of implementing the Green Riyadh project is expected to reach billions of dollars, given the enormous and diverse challenges it includes and the scale of development required. Also, the expectations of The Green Riyadh project are to accommodate a large number of residents. The Kingdom estimates to accommodate up to one million people when completed. In addition, the Green Riyadh project includes sustainable urban planning, through paying attention to providing green spaces, recreational areas and public facilities.
The impact of these projects
These major real estate projects contribute to enhancing economic and social development in Saudi Arabia, by providing new job opportunities, attracting foreign investments, and improving infrastructure. It also contributes to diversifying the economy away from dependence on oil, and enhancing the tourism, entertainment and hospitality sector. Also, through these projects, the Kingdom seeks to achieve a leading position on the global stage as a center for investment, tourism and sustainable development
Read about Riyadh being at the top of the Saudi real estate market
