KSA is the World’s Largest Construction Site, having Spent $1.1 Trillion

Since 2016 and the launch of the “Kingdom’s Vision 2030” plan, the total value of real estate and infrastructure projects in the Kingdom has exceeded $1.1 trillion, making the Kingdom the largest construction site the world has ever known.

Under the leadership of Saudi Crown Prince Mohammed bin Salman, the Kingdom of Saudi Arabia is moving steadily towards leadership.

Saudi Arabia’s Aspiring Urban Development

Riyadh will likely experience rapid expansion, as the population seems to approach 17 million by 2030, up from around 7.5 million today. In order to achieve this ambitious growth target, the city of Riyadh has witnessed the unveiling of $104 billion in real estate projects over the past six years.

Knight Frank, a global real estate consultancy, is indicating plans to build an all-new international airport at a cost of about $147 billion, details of which will likely be revealed soon. The new international airport represents nearly 74% of the $200 billion national infrastructure expenditure.

Read more: Investment Projects Worth $5 Billion Will Transform Jazan

Moreover, Knight Frank Consultancy highlighted the focus on the welfare of the Kingdom’s residents through the improvement and provision of world-class urban environments. This includes the $500 million Riyadh Sports Street as well as the $23 billion “Green Riyadh” that will transform the Saudi capital into a green city by planting 7.5 million trees. Elsewhere, in Dammam, a project of 650,000 square meters known as “Amanat Al-Sharqiya” will focus on revitalising the city’s corniche.

It is noteworthy that a bold new vision is unfolding in Saudi Arabia, as the massive transformation taking place in the world’s fastest-growing economies is visible across the entire urban landscape. The planned construction in the Kingdom will make it the largest construction site the world has ever known, with more than 555.000 residential units, more than 275 hotel rooms and more than 4.3 million square metres of retail space. In addition to the anticipated construction of more than 6.1 million square metres of new office space by 2030.

Read more: AlUla’s Numaj Hotel: A Lodging Encounter Blends Sustainability & Astronomical Heritage