According to a research, Saudi Arabia’s state-backed projects, such as Vision 2030 and NEOM, are propelling the country’s construction industry’s expansion and drawing significant foreign and local investment.
Global consulting firm Turner & Townsend noted in its most recent report that the Kingdom’s preparations for FIFA World Cup 2034 and EXPO 2030 are also driving the construction operations.
According to a survey published earlier this month by real estate services company JLL, Saudi Arabia emerged as the leader in worldwide construction activity for the first quarter, with the Kingdom having $1.5 trillion of projects in the pipeline.
The JLL analysis also showed that the Kingdom was responsible for 39% of the $3.9 trillion worth of construction projects in the Middle East and North Africa.
Mark Hamill, director of Turner & Townsend’s Middle East real estate and major programs, said, “The stand-out story is the accelerated development of Saudi Arabia, where vast ambitions are being realized via projects like The Line, King Salman Park, and Diriyah Gate.”
The $500 billion megacity NEOM in Saudi Arabia is now developing The Line, a linear smart city, and King Salman Park, a 4102-acre public park and urban area, is being created in Riyadh.
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