Construction projects in Saudi Arabia to be over USD1.8 trillion.
- Construction projects in Saudi Arabia’s are estimated to be around USD1.8 trillion, putting it as one of the highest in the world.
- The total estimated investment number is around USD3 trillion with USD1.8 trillion of that being construction projects.
- These investments are part of Saudi Arabia’s vision2030 in efforts to diversify the economy away from oil exports.
Construction projects in Saudi Arabia are expected to be worth around USD1.8 trillion when the country reaches its peak investment and economic plans in 2030 according to the Saudi Investment Minister.
Saudi Arabia has introduced a variety of projects with high budgets in the Kingdom to rebuild the economy in a way that doesn’t rely on oil exports.
Examples of said projects are the NEOM construction plans, these plans include up to 11 mega projects as of right now, with major cities estimated to house millions in total.
The biggest example is the Line City, a megaproject aiming to build a city in the shape of a line with a length of 170 kilometers.
Announced in 2021 and falls under the projects of NEOM with an estimated cost of USD500 billion.
The project is aimed to be completed in 2030.
construction projects include but are not limited to:
- King Abdullah Economic City.
- KA-Care Nuclear Plants.
- Jeddah Economic City.
- Jizan Economic City.
- The Red Sea Project.
- Renewable Energy Program – Round 2.
Khalid Al-Falih, Minister of Investment said “investment opportunities in various sectors in the world’s largest oil exporter country are estimated at nearly USD3 trillion in the short term.
He also said “The largest opportunities involve the construction sector, we expect the value of such opportunities at nearly USD1.8 trillion in the short term.”
He finished with “These opportunities include large projects targeted in the Kingdom’s Vision2030 and set in place to build a sustainable economy.”
