Saudi ‘Vision 2030’ released real estate and infrastructure projects worth $1 trln

Saudi Arabia’s ‘Vision 2030’ program has released real estate and infrastructure projects worth $1 trillion in the Kingdom.

The vision 2030 goals to diversify the country’s economy.

Saudi Arabia’s ambitious Vision 2030 plan is setting out to commence substantial growth in many areas.

Its main goal is to create a vibrant society, a flourishing economy, and an aspiring nation.

Faisal Durrani, Partner at Head of Middle East Research at Knight Frank, stated in a press release “Saudi Arabia is a country being reborn”.

“The ambition that underpins Vision 2030 is being borne out in reality and we are rapidly closing in on $1 trillion of developments, all of which are colossal,” stated Durrani.

He further added that this is only about a third of the total expended plan.

He added that the value of mega projects in Saudi Arabia will change the Kingdom’s real estate setting and raise its standard of living.

Nearly $300 billion of the total expenditure is dedicated to new infrastructure in the Kingdom.

“The scale of infrastructure improvements in the country is phenomenal,” Durrani said,

The targets rested by the government for inviting 100 million yearly visitors to the country by 2030 means that “both adequate and first-class gateways need to be created,” he said.

Shurayrah is the hub island of The Red Sea Project on the west coast of Saudi Arabia.

He referred that the first cruise routes have begun operating on the new cruise terminal at Jeddah port.

According to the Public Investment Fund (PIF), the cruise industry in the Kingdom is ready to create up to 50,000 jobs nationally and 1.5 million cruise visitors are expected annually by 2028.

 Whereas eight new planned cities on the country’s Red Sea coast, where almost $575 billion is being spent.

NEOM which is Saudi Arabia’s futuristic city will cost around $500 billion.

It is presented as a new vision for future cities and a global center for innovation, trade, and creativity.

Saudia’s capital Riyadh is “poised to become entrenched as the commercial nerve center for the Kingdom,” with mega projects worth a projected $63 billion.