With $1.1tn investment, Saudi Arabia to become the world’s biggest construction site: Knight Frank, Waqas Ahmed

Following the launch of Saudi Arabia’s Vision 2030 in 2016, the Kingdom is on its way to becoming the world’s biggest construction site with a total investment of SR4.13 trillion ($1.1 trillion) in infrastructure and real estate projects, according to global real estate consultancy Knight Frank.

The real estate firm projected that Riyadh’s population will reach 17 million by 2030, up from about 7.5 million today. The city has unveiled real estate projects worth $104 billion since the Kingdom’s National Transformation Plan launch in 2016.

“Vision 2030 has lit the embers of excitement across the Kingdom, and with NEOM positioned as a crown jewel in the transformative plans, people are eager to be part of history,” Faisal Durrani, partner and head of Middle East research, Knight Frank told Arab News.

The Kingdom is also improving and providing world-class urban environments for its residents with the $500 million Riyadh Sports Boulevard and the $23 billion Green Riyadh, planting 7.5 million trees in the Saudi capital to transform it into a green, vibrant metropolis. It also extends to the 19,000 hospital beds planned for $13.8 billion, of which $8.6 billion will be spent in Riyadh Province alone. According to de Jong, over 80 new educational institutions are being constructed for $82 billion. “What’s more, healthcare, education and well-being sit at the core of the transformative plans, which will contribute to an extraordinary evolution in the Kingdom’s physical realm, making it unrecognizable from what we see today by the end of the decade,” Durrani said.

https://www-arabnews-com.cdn.ampproject.org/c/s/www.arabnews.com/node/2157051/amp

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