The real estate domain in Saudi Arabia is experiencing an unprecedented surge, aligned with the nation’s ambitious Vision 2030 reforms, which are revolutionizing the economy. A forthcoming comprehensive study, brought forth by Quality Media Press, is set to delve into the massive housing expansion, the rise of colossal projects like NEOM, and the sector’s boost from substantial government investments.
Launched by Crown Prince Mohammed Bin Salman in 2016, Vision 2030’s primary objectives include diversifying from oil reliance, fostering new economic sectors, and improving job prospects, especially for women and the youth. The tangible outcomes of these goals are becoming evident throughout the kingdom, as large-scale construction endeavors transform major urban areas.
As the skyline of Riyadh bristles with construction cranes, the city is extending its boundaries considerably. Luxury accommodations are abuzz with collaborations between domestic and international stakeholders. Meanwhile, the unveiling of new commercial centers and residential buildings is becoming a regular occurrence. This construction boom is anticipated to persist as Riyadh gears up for the Expo 2030 and anticipates hosting parts of the FIFA World Cup in 2034.
Digital advancements have significantly streamlined government interactions, making it easier for individuals to comply with new regulations backing Vision 2030.
Projects of immense scale, such as the $500 billion NEOM—a sustainable mega-city planned to sprawl across 10,000 square miles, featuring an airborne industrial area, tourist amenities, and The Line—a 110-mile long urban development running on renewable energy—are drawing international intrigue.
The real estate industry is thriving as investment in construction reaches the hundreds of billions. Aiming to raise homeownership to 70 percent and broaden the mortgage market, the sector is seeing an uptick in first-time homebuyers and a spike in demand for premier office spaces as corporations establish themselves in the evolving nation.
Mohammad Al Habib Real Estate, a longstanding player in the Saudi market, is seizing the opportunity presented by the heightened demand, with landmark ventures like the 1,500-unit Kaheel complex in Riyadh. CEO Abdullah Al Habib remarks on the critical role of Vision 2030 in furnishing the private sector with opportunities that were previously unattainable.
Similarly, the construction magnate Built Industrial has broadened its portfolio beyond government contracts, now engaging in projects such as hotel developments in NEOM. Mohammed Asiri, the company’s CEO, attributes the expansion of his business to the diverse clientele and sectors unlocked by Vision 2030.
Smaller specialists are also capitalizing on the emerging opportunities. AF Group, a landscaping enterprise, is contributing to the Green Riyadh project and has commenced initial work on NEOM. Abdullah Alothman, the CEO, acknowledges the government’s support in bolstering Saudi expertise and aiding the success of local ventures.
The soon-to-be-published report promises to offer an in-depth examination of the critical roles various sectors are playing in actualizing Vision 2030. As significant developments continue, industry leaders remain optimistic about the long-term benefits that the reform initiatives will deliver to Saudi Arabia’s economy and society.