Saudi real estate and infrastructure projects topped $1.1 trillion since 2016

Saudi real estate and infrastructure projects topped $1.1 trillion since 2016

The total value of Saudi Arabia’s real estate and infrastructure projects has exceeded $1.1 trillion since the launch of Vision 2030 reforms in 2016, according to property consultancy Knight Frank.

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Across the country, 555,000 new residential units, more than 275,000 hotel rooms, 4.3 million square meters of retail space, and 6.1 million square meters of office space are expected by 2030, the company said in a statement published on Tuesday.

A spate of building projects launched in recent years includes 15 ‘giga-projects,’ the most notable of which are the planned NEOM megacity, the Red Sea Project, and the redevelopment of the historic city Diriyah in western Riyadh.

The construction boom will turn the Kingdom into the “largest construction site the world has ever known,” said Faisal Durrani, Partner at Knight Frank.

NEOM is set to add an estimated 300,000 new homes to the country’s stock and is the most popular choice among Saudis looking to invest in one of the new megaprojects, according to a Knight Frank survey published in February.

To date, $7.5 billion worth of sub-projects have been commissioned for NEOM, with construction progress standing at 29 percent, according to