Saudi real estate,
infrastructure projects surge past $1.25 trillion
Real estate and
infrastructure projects in Saudi Arabia have surged past the $1.25 trillion
mark, with commissioned projects totaling $250 billion.
This was revealed in a
report by Knight Frank, a real estate consultancy firm.
"Over the past
year, various components of NEOM have been unveiled, including Trojena, chosen
as the venue for the 2030 Asian Games, and Sindalah, a luxury island and
hospitality destination in the Red Sea, which will be the first of NEOM's
initiatives to come to fruition," stated Harmen de Jong, Partner and Head
of Strategy & Consultancy for Saudi Arabia.
NEOM, the ambitious
$500 billion megacity project, is making significant strides, with $70 billion
in projects already awarded, 45 percent of which have been completed.
Knight Frank's Saudi
Giga Projects Report underscores the pivotal role of western Saudi Arabia in
the kingdom's transformative vision, with real estate projects valued at $687
billion anticipated to be completed by the end of the decade.
Faisal Durrani,
Partner and Head of Research for the Middle East & North Africa, remarked,
"Arguably one of the most extensive real estate development programs ever
witnessed globally is gaining momentum in Saudi Arabia as the 2030 Vision
deadline approaches."
The report highlights
a surge in planned residential units, with 660,000 units planned, representing
a 30 percent increase over the last year, providing relief to potential
homebuyers amid rising property values and a nationwide decline in home sales.
Riyadh, the capital of
Saudi Arabia, remains a focal point for the country's transformation, hosting
18 percent of all ongoing real estate and development projects, totaling $229
billion. These projects encompass plans for over 241,000 homes by 2030 and 3.6
million square meters of office space.
The report also
spotlights King Salman Park as one of Riyadh's most advanced giga projects,
with $8.8 billion in contracts awarded for the $9 billion development, which is
set to be completed in 2027. Once finished, the development will feature more
than 12,000 homes, over 600,000 square meters of office space, and over half a
million square meters of retail space.
Knight Frank notes a
growing emphasis on the well-being of Saudi residents through the enhancement
and provision of world-class urban environments. This includes plans for 24,000
hospital beds, costing $39.5 billion, with $27 billion earmarked for Riyadh
Province alone.
Saudi Arabia's
healthcare and education initiatives encompass Qiddiya's expansion to Jeddah
with the $266 million Qiddiya Coast theme park, the $500 million Riyadh Sports
Boulevard, and the $23 billion 'Green Riyadh,' which aims to transform the
Saudi capital into a lush metropolis.
Similarly, the 650,000
square meter Amanat Al Sharqiya project in Dammam will revitalize the city's
corniche area.
Source: https://gulfbusiness.com/
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