Global real estate consultancy Knight Frank projects Saudi Arabia’s building output value to reach $181.5 billion by the end of 2028, a 28 percent increase over five years.
According to the firm’s analysis, the Kingdom’s operations in the industrial, energy, utilities, and commercial divisions as well as the residential, institutional, and infrastructure sectors helped the sector’s output value reach $141.5 billion in 2023.
The Kingdom’s standing as a major international center for trade, tourism, and business is further enhanced by this huge development expenditure.
Saudi Arabia’s giga-projects, such as the $500 billion megacity NEOM, are driving this further. By the end of the decade, the country wants to deliver over 660,000 residential units, over 320,000 hotel keys, over 5.3 million square meters of retail space, and over 6.1 million square meters of new office space.
“We are currently witnessing a historical transformation unfolding in Saudi Arabia with construction projects standing out in their design scale and value,” stated Mohamed Nabil, head of Knight Frank’s Project and Development Services for the Middle East and North Africa.
“The government is hoping to attract over $3 trillion in investments by 2030, a figure recently confirmed by the Minister of Investment during the inaugural Sino-Gulf Cooperation for Industries and Investments Forum in China last month,” the speaker continued, citing the size of the development pipeline.
The entire projected value of real estate and infrastructure projects in Saudi Arabia has exceeded $1.25 trillion since the National Transformation Plan was introduced in 2016, which is considered an essential component of Vision 2030.
Also Read:
Russia: 19 People have Died as a Result of the Gunmen’s Attack in Dagestan
Netanyahu will Only Consent to a “Partial” Ceasefire; The Gaza War will not Stop
