Vision 2030 drives $1.3trn into real estate, infrastructure
01 October 2024
Saudi Arabia’s Vision 2030 is driving a staggering $1.3 trillion in investments across the kingdom’s real estate, infrastructure and transportation sectors, with $164 billion worth of real estate contracts awarded, the largest of which is for Neom ($28.7 billion), said a report.
Over one million new homes are planned by 2030, with around four per cent already completed. As much as 32.5 per cent of the kingdom’s new housing stock is planned in the capital, according to Knight Frank’s Saudi Arabia Giga Projects Report 2024.
The tourism sector is set to soar, aiming for 150 million visitors annually by 2030. With 362,000 new hotel rooms planned or under construction, Saudi Arabia welcomed 27.4 million international visitors in 2023, ranking it the 13th most visited country.
These giga projects are reshaping the urban landscape, tourism, and commercial sectors, setting the stage for unprecedented growth in Saudi Arabia, the report said.
Based on the 2022 Saudi census data, the population of the kingdom today stands at 32.2 million and this is expected to swell to 37.7 million by the end of the decade. Alongside the projected population growth, the government has put into place an intricate network of programmes and initiatives, designed to foster growth and expansion across all real estate sectors, it said.
These ambitious growth targets warrant the rapid expansion of real estate offerings in the kingdom, alongside supporting infrastructure.
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