Saudi Arabia has been actively working to reduce its reliance on oil revenues. To achieve this, Crown Prince Mohammed bin Salman introduced the Vision 2030 initiative in April 2016. According to the Vision 2030 annual report, 87% of the 1,064 initiatives are either completed or underway.
One of the most ambitious projects under Vision 2030 is NEOM, featuring The Line, a smart city designed to be 200 meters wide, 170 kilometers long, and home to over 9 million people. This project alone is part of a $28.7 billion initiative.
Other significant investments include the National Housing Company ($12 billion), Diriyah Gate ($9 billion), and the Qiddiya entertainment city in Riyadh ($7 billion). The total value of Vision 2030 projects exceeds $1.3 trillion, with over a million housing units and at least 17 mega-projects in progress.
Despite many projects being in the early stages, Saudi Arabia is tackling supply chain, labor, and cost challenges to meet its goals. Most projects are expected to be completed between 2028 and 2030, positioning the Kingdom to become a leading construction market.
Riyadh plays a pivotal role in this development, securing contracts worth $35 billion. By the early 2030s, the capital is projected to have 29,000 hotel rooms, 4.6 million square meters of office space, and 340,000 residential units. Major events like Expo 2030 and the 2034 World Cup will also take place there.
Additionally, over $54 billion is allocated for developing the Kingdom’s west coast, with at least 17 mega-projects in progress. These projects aim to diversify the economy, provide housing, and enhance Saudi Arabia’s appeal as an investment and tourism destination.
The Kingdom aims to attract $100 billion in foreign direct investment by 2030 and welcome 150 million tourists annually. Last year, it received around 109 million tourists, primarily local residents. To accommodate the growing number of tourists, Saudi Arabia plans to add 362,000 new hotel rooms, including more affordable options to attract a broader range of visitors.