Saudi Arabia's Vision 2030 Projects Now Valued at $1.3 Trillion

Saudi Arabia's Vision 2030 projects, now valued at $1.3 trillion, aim to transform the nation's economy by diversifying away from oil dependence. The initiatives focus on developing sectors such as infrastructure, tourism, technology, and renewable energy. These ambitious projects are designed to foster innovation, create jobs, and elevate Saudi Arabia's global standing, playing a crucial role in the country's long-term economic growth and sustainability.

Saudi Arabia has launched $1.3 trillion in real estate and infrastructure projects aimed at diversifying its economy away from oil. These include over a million residential units, part of a broader strategy to make the country more attractive for living, working, and tourism.

Over the past eight years, the kingdom has initiated projects like Neom and major housing developments to reduce oil dependence. Saudi Arabia plans to attract 150 million tourists by 2030, focusing on mid-market accommodations to meet the growing demand. According to Knight Frank, the volume of these projects has increased by 4% in the last year. This includes major initiatives like Neom on the Red Sea coast, as well as over a million new residential units, as outlined in the Saudi Giga Projects Report.

Since 2016, when Crown Prince Mohammed bin Salman launched his vision for economic diversification, around $164 billion in real estate contracts have been awarded. The largest share of funding, $28.7 billion, has been allocated to Neom, particularly for its futuristic development known as The Line, a pair of mirror-clad towers spanning 105 miles. Other significant projects include $12 billion for the National Housing Co., $9 billion for Diriyah Gate, and nearly $7 billion for the Qiddiya entertainment city in Riyadh, according to Knight Frank.

Saudi Arabia is working diligently to address supply chain, labor, and cost challenges to meet its ambitious targets, with many projects expected to be completed between 2028 and 2030. The country is on track to become the world’s largest construction market as it pushes toward these deadlines. Riyadh remains a central focus, with $35 billion in contracts awarded so far. By the next decade, the capital is expected to add 29,000 hotel rooms, 4.6 million square meters of office space, and 340,000 homes, as preparations ramp up for the World Expo 2030 and FIFA World Cup 2034.

On Saudi Arabia’s western seaboard, more than $54 billion has been allocated to 17 giga projects, further supporting the country’s economic diversification and boosting its investment and tourism appeal. Saudi Arabia aims to attract $100 billion in foreign direct investment and 150 million tourists annually by 2030. Last year, the country welcomed around 109 million tourists, the majority of whom were locals.

To accommodate the influx of travelers, Saudi Arabia plans to add 362,000 hotel rooms by the end of the decade. This ambitious $110 billion pipeline will focus on expanding mid-market properties to cater to a broader range of tourists, a crucial step in achieving the 150 million visitor goal by 2030.

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Source: hindustantimes‍