Knight Frank has reported that as of last year, Saudi Arabia’s Vision 2030 project values were around US$1.3 trillion, doubling from US$624 billion in 2016 and implying a whopping 4% growth. The transformative plan intends to make the Kingdom’s economy less dependent on oil than before and turn Saudi Arabia into a global center for living, working and tourism.
Knight Frank’s latest report indicated that more than a million houses were built through various real estate and infrastructure developments in the past eight years. NEOM, a revolutionary $500 billion mega-city, continues to embody the future plans of the Kingdom. The capital city Riyadh has so far been awarded contracts worth $35 billion marking an important aspect of this economic growth.
The city is about to receive almost 29000 new hotel rooms and 340,000 houses by 2030, while preparing itself for important international occasions like the World Expo 2030 and the FIFA World Cup 2034. The overall result would be a lively ambiance for both residents and tourists.
Moreover, the aim of Saudi Arabia is to draw $ 100 billion in foreign direct investments as well as accommodate around 150 million visitors each year by 2030. In addition, with robust ongoing projects lined up ahead, it is emerging as the biggest construction market worldwide, thereby improving its economy and people’s living standards.
