Saudi Arabia’s construction sector is experiencing remarkable growth, reaching $148 billion in output in 2024—a 4.6% increase from the previous year. According to Knight Frank’s latest Saudi Arabia Construction Landscape Review, this upward trend is expected to continue, with output forecasted to hit $191 billion by 2029.
At the heart of this transformation is Vision 2030, the Kingdom’s ambitious roadmap to diversify its economy and position itself as a global hub for tourism, trade, and investment. Between 2020 and 2025 alone, over $215.4 billion in construction contracts have been awarded. Overall, Vision 2030 entails an estimated $1.3 trillion investment in real estate and infrastructure projects.
Riyadh leads the nation’s development push, accounting for $135.2 billion in awarded contracts since 2020. The capital’s massive $195 billion masterplan includes 4.6 million m² of office space, 2.6 million m² of retail, nearly 29,000 hotel rooms, and over 340,000 new homes. Notably, around 29% of contracts focus on transport—highlighted by the $22.5 billion Riyadh Metro and complementary rapid transit systems designed to support a growing population expected to reach 10 million by 2030.
Meanwhile, giga-projects are reshaping the national landscape. The $50 billion New Murabba will introduce 18 new neighborhoods in Riyadh, while Western Saudi Arabia is set to deliver over 382,000 homes and 330,000 hotel rooms through a $685.5 billion real estate plan.
These unprecedented investments reflect not only the scale of development underway but also Saudi Arabia’s strategic push to redefine its urban experience, attract global businesses, and enhance livability for future generations.
