Several projects, with a combined value of nearly $1 trillion, have been unveiled across Saudi Arabia since 2016, thanks to the government’s Vision 2030 strategy, according to analysis by property consultant Knight Frank.
Knight Frank said nearly $300 billion of the total spend is dedicated to new infrastructure which will include passenger rail networks and an airport in Riyadh, estimated at $147 billion and expected to be the home base for a new national airline.
“The scale of infrastructure improvements in the country is phenomenal. The aggressive targets laid out by the government around attracting 100 million annual visitors to the country by 2030 means both adequate and first-class gateways need to be created,” said Faisal Durrani, partner and head of Middle East research.
Durrani cited the new cruise terminal at Jeddah Islamic Port where the first cruise routes are already in operation, with the cruise industry set to create up to 50,000 jobs nationally, according to the Public Investment Fund (PIF).
Knight Frank also highlighted eight new cities that have been planned, mostly along the Red Sea coast, which will include 1.3 million homes, 3 million square metres of offices and 100,000 hotel rooms, with a total spend of nearly $575 billion.
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Several projects, with a combined value of nearly $1 trillion, have been unveiled across Saudi Arabia since 2016, thanks to the government’s Vis
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