Property consultancy Knight Frank has provided updates on Saudi Arabia’s NEOM, regarded as the world’s largest construction project. The firm noted in its annual Saudi Giga Projects Report that construction contracts worth $24 billion have already been awarded. These include various projects such as $470m for Magna and $3.31 billion for Trojena, set to be the world’s largest man-made lake. Moreover, it includes $8.9 billion for the Line and $9.3 billion for Oxagon.
The Kingdom is imbued in various other projects, with a total of 17 being in the works. Other than NEOM, it includes The Red Sea project and the Qiddiya Coast project. In their report, Knight Frank noted that $57 billion of contracts had already been awarded and $187.2 billion worth in the pipeline. The report’s findings highlight the progress of Vision 2030. The aspiration aims to position Saudi Arabia as a regional hub for lifestyle, leisure, tourism, and economic activity. Projects such as Qiddiya City have also taken shape since the urban design scope was released in 2023.
Scope of Projects in Saudi Arabia Other than NEOM
Other than Saudi Arabia’s NEOM, Riyadh is leading on giga projects with developments such as Diriyah Gate. It also includes King Salman Park and the 220km Sports Boulevard. The report notes that the $63bn Diriyah Gate cultural project at the At-Turaif Unesco world heritage site is among the most advanced. Furthermore, the value of commissioned projects to date stands at $14.5bn, with a further $45.6bn in the pipeline. Faisal Durrani, head of research at Knight Frank for the Middle East and North Africa commented on the latest report. He noted that, “Riyadh has firmly established itself as Saudi Arabia’s new economic powerhouse, accounting for 63 percent of all new jobs created in the Kingdom since 2019.”
Furthermore, he added that projects worth more than $237 billion have been announced across various construction phases since 2016. These entail real estate, infrastructure, and transport since 2016. $44 billion of these projects have already been awarded in construction projects. He further described Riyadh as witnessing “one of the most ambitious urban growth stories in the world.” Sports infrastructure is also booming, with more than a dozen stadiums. It represents a combined project value of $17.5bn set for expansion, upgrades, or new construction.
