Saudi Arabia’s Vision 2030 is leading the way with $1.3 trillion in investments across the Kingdom’s real estate, infrastructure, and transportation sectors. Of this, $164 billion in real estate contracts have been awarded, with the largest contract being for Neom at $28.7 billion, according to a recent report.
By 2030, over 1 million new homes are anticipated, with approximately 4 percent already completed. Notably, 32.5 percent of the new housing stock is projected to be in the capital, as highlighted in Knight Frank’s Saudi Arabia Giga Projects Report 2024.
Tourism sector growthÂ
The tourism industry is also set to flourish, targeting 150 million visitors each year by 2030, supported by the addition of 362,000 new hotel rooms either planned or under construction. Additionally, in 2023, Saudi Arabia welcomed 27.4 million international visitors, making it the 13th most visited country in the world.
Economic impact of giga projects
These bold giga projects are further reshaping the Kingdom’s urban environment, tourism, and commercial sectors, setting the stage for unparalleled economic growth, according to the report.
Moreover, according to the 2022 Saudi census, the current population of the Kingdom is 32.2 million, projected to rise to 37.7 million by the end of the decade. In response to this anticipated population increase, the government has implemented a comprehensive array of programs and initiatives to stimulate growth and expansion across all real estate sectors.
Furthermore, these ambitious growth objectives necessitate the swift expansion of real estate offerings throughout the Kingdom, along with the necessary supporting infrastructure.
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