Saudi Arabia’s ambitious real estate and infrastructure development program is gaining significant momentum, as new data from Knight Frank reveals. The Kingdom’s $1.3 trillion plan aims to reshape the country’s urban landscape with the construction of over one million residential units, more than 362,000 hotel keys, and an expansion of 7.4 million square meters of retail space and 7.7 million square meters of office space.
Riyadh at the Core of Transformation
Riyadh, Saudi Arabia’s capital, has emerged as the epicenter of this transformation. Since 2016, more than $314 billion in real estate, infrastructure, and transportation projects have been announced, out of which $60 billion worth of construction contracts have already been awarded. The cumulative value of unveiled projects in Riyadh alone now exceeds $195 billion, indicating the capital’s growing significance as a major hub in the country’s Vision 2030 plan.
Riyadh’s role in hosting the 2030 World Expo is expected to generate an additional $7.8 billion in economic activity over the next six years, according to Saudi financial firm Al Rajhi Capital. Furthermore, the 2034 FIFA World Cup will likely trigger another wave of real estate projects, adding to the city’s already intense development trajectory.
Giga Projects Across the Kingdom
While Riyadh is at the forefront, the western seaboard is home to some of Saudi Arabia’s most innovative developments. 17 giga projects, including the futuristic $500 billion city Neom, have been announced since 2016, representing a total investment of $685.5 billion. These projects will substantially increase the nation’s real estate inventory by 382,500 homes, 3 million square meters of office space, 4.3 million square meters of retail space, and 330,000 hotel rooms by 2030.
A Vision of Growth and Modernization
Saudi Arabia’s real estate vision goes hand in hand with its broader goals for economic diversification and modernization. Driven by Vision 2030, these projects aim to transform the Kingdom into a global hub for business, tourism, and innovation, reducing its reliance on oil revenues.
The completion of these projects will not only meet the demands of a growing population but also enhance the Kingdom’s global competitiveness as it prepares for the 2030 World Expo and the 2034 FIFA World Cup. As new developments continue to be announced, Saudi Arabia is well on its way to becoming one of the most dynamic real estate markets in the world.
