The total value of 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. This is according to a report by the real estate consultancy "Knight Frank", whose launch coincided with the convening of the Saudi Infrastructure Summit in Riyadh.
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, 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.
Neom City is the largest mega project announced so far, with investments amounting to half a trillion dollars, and the project is scheduled to house 9 million residents when completed through 300,000 new homes. 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. Also, 200 billion dollars of investments were allocated in infrastructure projects, the largest of which was the share of the new Riyadh airport with about 147 billion dollars, and the Riyadh metro with about 25 billion dollars.
Source (Al-Arabiya.net Website, Edited)
