Market Overview
The IMF Forecasts the Saudi GDP to Grow at 7.6%,
the Highest such rate Globally...
Saudi Arabia’s construction sector has recorded its highest growth in 2022 by 8.8% The Construction Sector GDP amounted to about US$ 182.2 billion…
Over 2.9 Trillion dollars in mega projects, and a private sector on the way to a sustainable, resilient recovery, are driving the building sector widespread opportunities…
The Kingdom of Saudi Arabia is witnessing an unprecedented construction and urban mega projects boom that will reshape the future of the Kingdom and the region. Mega public and private sector projects funded by the Public Investment Fund, the Royal Commissions of the prime urban areas, the related Ministries, as well as the private sector which is driving the largest number of projects and opportunities. Exhibitors offering resilient, sustainable building technologies and solutions will participate in unmatched opportunities, with new projects valued at more than 2.9 TRILLION US$.
The Housing Program aims to raise home ownership…
411,000 housing Contracts valued at US$ 100 Billion
Since its launch, The Housing Program focused on setting new standards for the development of the housing sector to enable citizens to obtain various housing options. This support will increase the percentage of Saudi families that own houses. In the previous stage, the program was able to facilitate procedures of immediate entitlement for citizens to real-estate, instead of the 15-year waiting period, which doubled the movement of supply and demand in the program and its housing options and contributed to increasing the ownership rate from 47% in 2017 to over 60% in 2022. In the next stage, the Housing Program will resume its efforts to increase the percentage of Saudi families owning houses to 70% by 2030. The widespread public and private sector developments are in a boom trying to close the gap between housing supply and related infrastructure and demand, offering opportunities for the sector that are well over 100 billion US$.
The Line Project – US$ 500 Billion
Line is a US$500 billion mirrored skyscraper and zero-carbon smart city that will run parallel for 120km and will eventually accommodate 9 million people. The giga project first phase is set to cost US$ 319 billion. The structure, known as the Mirror Line, will be comprised of two glass reflective buildings measuring up to 488 meters (1,600 feet) high, running parallel for 120 kilometers (75 miles) across coastal, mountain and desert terrain. The giga project also include Sindalah luxury island destination, Trojena world-class mountain station and the Oxagon clean city hosting industries 4.0 and edges alternative energies.
Qiddiya Project – US$ 8 Billion
Qiddiya City is an entertainment development project, spanning more than 334 square kilometers on the outskirts of Riyadh, offering a mix of attractions. Work has been under way on the $8 billion dollar project, with the first phase slotted to open in 2023. Qiddiya will be home to more than 300 recreational and educational facilities.
Red Sea / Sindalah – more than US$ 26 Billion
Red Sea Global is pioneering a brand-new luxury regenerative tourism destination along the west coast of Saudi Arabia. The mega project consists of 2 components: a natural archipelago of pristine islands and a vast desert landscape filled with mountain peaks, historical and archaeological treasures and a dormant volcano.
Amaala Project – US$ 10 Billion
Amaala project, alongside the Red Sea, is designed to establish a new prestigious tourism destination, over an area of 3,000 square kilometers, offering world class luxurious facilities.
Ad Diriyah Gate Project – US$ 17 Billion
Ad Diriyah Gate is known to be the “pearl of Saudi Arabia”. The project is set to become the world largest cultural and heritage destination. The $17bn development project will showcase the Kingdom’s rich culture and history of more than 300 years by delivering unique, inspiring heritage experiences, educational and cultural opportunities, world-class hospitality and entertainment facilities, luxury resorts, including major international hotel brands.
King Salman Park Project – US$ 19 Billion
At four times the size of New York City’s Central Park, Riyadh’s King Salman Park will stretch over a 13.4 sq kilometer. The Park will have an arts section including theaters, cinemas, art academies, museums and space events and concerts, world-class, golf course, sports complex, entertainment games area and a water sports section. As well as 12,000 residential units, 16 hotels, food and retail area and libraries.
The Sports Boulevard – US$ 23 Billion
The project is a linear park that will be rich in sporting, artistic, cultural and eco activities, to create a sustainable healthy lifestyle. The sports boulevard extends to 135 km and will allow, when completed, 2.2M residents of Riyadh and people living near the project an easy access either by 15 minutes cycling, or a 30 minutes’ walk. The Boulevard offers 8 distinct districts, amongst which the arts district, Wadi Alyaseen, entertainment district, Athletics districts, Eco district, Wadi al Sulai, Sand sports park and Wadi Hanifa,
King Salman International Airport
The King Salman International Airport will boost Riyadh’s position as a global logistics hub, stimulate transport, trade and tourism, and act as a bridge linking the East with the West. The new airport will be one of the largest airports in the world, a six runways mega-airport capable to handle 120 million passengers annually by 2030, and 185 million passengers annually by 2050.The Project will also incorporate existing terminals, as well as 12 square kilometers of residential, recreational, airport support facilities ands retail stores.
Jeddah Metro Project – US$ 60 Billion
Jeddah Metro is a mega project for modern urban mobility infrastructure which will consist of 74 stations, 160km of track and four individual routes through the city of Jeddah. The US$60 Billion project, when completed, will help bringing together hundreds of thousands of people within a ten-minute walk of a transport hub.
Jabal Omar Project
The Jabal Omar Development Project is a unique urban re-generation scheme and an integrated development aimed at providing hotel accommodations, commercial/ retail spaces, cars parking, public spaces and public amenities to support religious, social and commercial activities to Hajj and Umrah pilgrims during Hajj & Ramadhan seasons and other visitors all year round. The land area of the project is approximately 230,000 square meters. with built up floor area of approximately 2 million square meters.
Jeddah Tower – US$ 1.5 Billion
Jeddah Tower, when completed, will be the world’s tallest building, with an estimated height of one kilometer and more than 250 floors. With an estimated cost of US$1.5 Billion, the tower covers a floor space of 243,866 square meters, and will be home to the world’s tallest observation deck, 664 meters off the ground. Jeddah Tower will be a mix of residential units, serviced apartments and hotels, with a Four Seasons expected to open within.
Al-Ula Project – US$ 15 Billion
AlUla project will develop an archaeological, cultural and touristic complex – an open-air living museum – in a region as vast as Belgium. The full $15 billion AlUla master plan will be developed in three phases in 2023, 2030, and 2035 This major investment aims to make the AlUla region the Kingdom’s cultural capital. Through culture (archaeological routes, museums, old town) and nature (remarkable landscapes, desert, oasis), the project will be dedicated to offering an authentic and sensory touristic experience faithful to the traditions of hospitality in the Arab World.
