Saudi Arabia’s Vision 2030 is driving a massive transformation with $1.3 trillion earmarked for real estate, infrastructure, and transportation. To date, $164 billion in real estate contracts have been awarded, with Neom receiving the largest share at $28.7 billion.
By 2030, the Kingdom expects to add over 1 million new homes, with about 4 percent already completed. Notably, 32.5 percent of these homes will be in the capital, according to Knight Frank’s Saudi Arabia Giga Projects Report 2024.
Tourism Sector Expansion
The tourism industry is set to boom, aiming for 150 million visitors annually by 2030. This growth is supported by 362,000 new hotel rooms currently planned or under construction. In 2023, Saudi Arabia welcomed 27.4 million international tourists, ranking it as the 13th most visited country globally.
Economic Impact of Giga Projects
These ambitious giga projects are reshaping Saudi Arabia’s urban, tourism, and commercial landscapes, paving the way for significant economic growth. The current population of 32.2 million is expected to rise to 37.7 million by 2030. To accommodate this growth, the government has launched numerous initiatives to expand real estate offerings and infrastructure.