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Everything You Need To Know About Saudi Arabia's Giga Projects
Since the announcement of Vision 2030 in 2016, Saudi Arabia has been in hyperdrive with ambitious ‘giga projects' driven by the Public Investment Fund (PIF).
Several “giga-projects” were launched to provide a focal point for whole new sectors, driven by technology, innovation, and sustainability, to stimulate broader economic growth and develop the Kingdom’s digital infrastructure that will significantly transform the Saudi economy.
Six ambitious landmark projects being developed in the Kingdom are multifaceted, globally unique in scope and ambition that aims to help transform the economy while showing the world and all Saudis - the nation’s geographic wealth, cultural heritage and hospitality, economic ambitions, and aspirations for environmental conservation.
These projects are needed now more than ever to drive foreign investments and increase spending in the economy, as the Kingdom is expecting $7 trillion in investment and government spending to materialize by the end of the decade.
NEOM
The ambitious project of NEOM, a futuristic $500 billion high-tech city is now a reality that serves as a vision for the future of a world that harnesses the power of smart technology, harmoniously linked with nature, to perfectly cater to the needs of humanity.
NEOM is being built on the Red Sea in northwest Saudi Arabia, spanning across 26,500 square kilometers as a living laboratory, a place where entrepreneurship and innovation will chart the course for this new future, powered entirely by renewable clean energy with high-speed transport system. NEOM will provide a plethora of unique development opportunities, as its strategic coastal Red Sea location is notable for its proximity to international markets and trade routes.
Neom will house areas dedicated to future technologies in 16 sectors including biotech, food, manufacturing, sports, and technology among many others. Neom's contribution to the kingdom’s GDP is projected to reach at least $100 billion by 2030.
The phases of the $500-billion project are currently underway, including Trojena, Oxagon, Sindalah, and The Line. The first phase of the project is expected to be completed by 2025, with the full development of the city scheduled to be finished by 2030.
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Qiddiya
Qiddiya, a multibillion-dollar entertainment destination in Riyadh, is set to be the world’s largest entertainment city. It is set to be a disruptive entertainment destination that offers innovative and immersive experiences integrated with unique, elevated, and fun experiences. It is located 40km west of the capital city, Riyadh, and covers an area of 334 square kilometers. Qiddiya aims to be one of the largest entertainment, sports, and cultural destinations in the world, offering a wide range of attractions and activities for visitors of all ages.
The project was announced in April 2017 as part of the Saudi Vision 2030 plan to diversify the country's economy and reduce its reliance on oil. Qiddiya is expected to create more than 57,000 jobs and contribute to the country's GDP by attracting local and international tourists.
It will be home to a host of record-breaking rides including the world's fastest roller coaster, theme parks, water parks, an indoor ski slope, sports facilities, cultural and arts venues, concerts, racetracks a safari park along with hotels and resorts. The project is being developed in phases, with the first phase expected to be completed by 2023.
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The Red Sea Project
The Red Sea Project, located between the coastal cities of Umluj and Al Wajh, is the world’s most ambitious luxury tourism development, offering an exclusive experience of unparalleled diversity for discerning global travelers. The site is being built in a region spanning 30,000 square kilometers which encompasses an archipelago of more than 90 pristine islands, miles of sweeping desert, and dramatic mountain landscapes. The project also includes the development of eco-friendly technologies and sustainable practices to preserve the natural beauty of the region. Infact, the destination will have a zero-waste-to-landfill policy, 100% carbon neutrality, and a ban on single-use plastics. The Red Sea will also be the world’s first destination to provide bottled water made from air and sunlight, produced using patented solar technology. The glass bottles will be reusable and refilled on site.
The Red Sea Project has been designed with a strong focus on heritage, culture, and conservation and will provide 8,000 new hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites which is set to due for completion by 2030. Moreover, the region has 200km of untouched coastline and a vast desert landscape dotted with ancient archaeological treasures.
The Red Sea Project will also offer world-class diving, and an abundance of marine life, as it's one of the only places in the world to still have thriving coral reefs. This will help the economy to attract both local and international visitors, positioning Saudi Arabia as a world-class tourism destination.
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Diriyah Project
Ad Diriyah is known as the "pearl of Saudi Arabia". It is the site of the first Saudi state, the original seat of power of Saudi Arabia’s Al Saud family. Today, it is situated on the western edge of the modern city of Riyadh, which has expanded rapidly in recent decades. At-Turaif includes the remains of royal palaces, mosques, and houses and offers museums and interactive experiences showcasing Saudi history with historical and cultural attractions.
Considered to be the birthplace of the nation, Diriyah is the ancestral seat of the Al Saud dynasty and home to the UNESCO World Heritage Site of At-Turaif, the site of the First Saudi State.
The Diriyah Gate project covers an area of more than 7 square kilometers and includes the restoration of more than 100 historic buildings and sites, including the At-Turaif district.
The Diriyah Gate Development Authority and the Diriyah Company are leading the project, which will serve as a mixed-use cultural, heritage, and lifestyle destination covering approximately 5.4 square miles. Many new districts within Diriyah are currently under construction and are expected to follow a phased opening up to 2030. These will be built in the traditional Arabian Najdi architectural style, and much of the area will be pedestrian friendly. Upon completion, Diriyah is expected to be the world’s largest mud-brick city.
Diriyah symbolizes a new era for Saudi Arabia, one in which the future and past come together as the country reimagines its national story and place in the world. The site is at the center of a new Saudi national identity that has been emerging over the past few years, and, as such, Diriyah is being promoted as a national icon. It also has a major focus on sustainability, using the tagline the “City of Earth.”
The developers want Diriyah to become a regular gathering place for Riyadh’s residents and have set a target of 27 million annual visitors by 2030. Tourism is not the only market objective; the development will also include over 18,000 luxury residences, in addition to significant retail and office space.
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ROSHN
ROSHN, powered by the Public Investment Fund, is one of the largest national master developers specializing in the field of real estate and community building, which aims to increase the rates of homeownership among Saudi citizens to 70%.
Soon after launching, in November 2020, the real estate giant unveiled a suite of strategic initiatives in partnership with key industry entities under the Saudi Vision 2030 mandate. With four groundbreaking developments spanning across Riyadh, Jeddah, and Al-Ahsa, ROSHN has become synonymous with innovative, integrated communities that are shaping the future of Saudi living.
The developer’s ambition is matched by not only its vision but also its execution, positioning itself as a trailblazer in the real estate sector.
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Driven by giga-projects and economic reforms under the Vision 2030 program, Saudi Arabia has emerged as an attractive destination for investors. Infact, Investors from within the Kingdom, and at an international level, are showing “strong interest” in becoming a part of Saudi's Giga Projects that are expected to have a significant impact on Saudi Arabia's economy.
The number of businesses that are setting up in Saudi Arabia and the activity that we’re seeing is all quite positive for corporates that are operating within the country. INNOVISION supports entrepreneurs from all around the world, by facilitating a quick market introduction and allowing access to gain relevant insights about Saudi Arabia’s investment environment & opportunities and helping decide whether or not Saudi Arabia is an interesting market to scale.
Contact us to find more queries on how we can help you set up your business in Saudi Arabia.
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