Big announcements in Saudi Arabia

Riyadh: Saudi Arabia has announced 1 1 trillion in real estate and infrastructure projects since 2016.

According to Knight Frank, a global property consultant, real estate and infrastructure projects worth about 1 trillion have been announced in the country since 2016.

Faisal Durrani, Knight Frank’s head of Middle East research, says Saudi Vision 2030 is achieving success, with mega projects across the country and real estate land prices raising Saudi Arabia globally. Positive results will be seen.

Knight Frank estimates that about ً 300 billion of the total cost in Saudi Arabia will be earmarked for new infrastructure, including an extensive passenger rail network and a new airport in Riyadh.

Saudi Arabia: Foreign |  Global Finance Magazine

Faisal Durrani has said that the Saudi government has planned to attract 100 million visitors to the country annually by 2030, while a new cruise terminal has also been set up at the Islamic port of Jeddah.

Saudi Real Estate Construction Company confirms 85% construction completion of Al Akaria Village Project - Construction Business News Middle East

On the other hand, according to the Saudi Public Investment Fund, the cruise industry itself is ready to create 50,000 jobs nationally, while 1.5 million cruise visitors are expected annually by 2028.

Work is underway on a project along the country’s Red Sea coast to provide 1.3 million new homes and more than 100,000 hotel rooms at a cost of about ً 575 billion. The construction of a state-of-the-art city called Newem is also a link in the same chain, with the possibility of building 100,000 new homes in the capital Riyadh.

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