Saudi Arabia’s Vision 2030 Projects Reach $1.3 Trillion in Value

Saudi Arabia has launched $1.3 trillion worth of real estate and infrastructure projects over the past eight years as part of plans to diversify the economy away from oil, according to a recent report by Bloomberg.

The “Saudi Vision 2030” project, launched on April 25, 2016, by King Salman Abdulaziz and Crown Prince Mohammed bin Salman, aims to transform the country’s economy and reduce its dependence on oil exports.

Since 2016, Saudi Arabia has awarded nearly $164 billion worth of real estate deals, with the bulk of this money, $28.7 billion, going to the massive “NEOM” city project in the northwest of the country.

The capital, Riyadh, remains a focal point, with nearly $35 billion in contracts awarded to date. Consulting firm Knight Frank said more than $54 billion went to the Kingdom’s west coast and its surrounding areas, where at least 17 mega projects are currently being implemented.

Progress and Challenges

Although the implementation of many projects is yet to be completed, the Kingdom is working hard to overcome supply chain, labor, and cost-related challenges in an effort to achieve the target.

Most of the projects are expected to be implemented between 2028 and 2030. Saudi Investment Minister Khalid al-Falih said his country had met “about 87 percent” of its “Vision 2030” goals.

Key Statistics

• $1.3 trillion: Total value of real estate and infrastructure projects launched since 2016
• $164 billion: Total value of real estate deals awarded since 2016
• $28.7 billion: Value of contracts awarded to the “NEOM” city project
• $35 billion: Value of contracts awarded to the capital, Riyadh
• $54 billion: Value of contracts awarded to the Kingdom’s west coast and surrounding areas

Minister’s Statement

Saudi Investment Minister Khalid al-Falih said his country had met about 87 percent of the goals of Vision 2030, launched on April 25, 2016, after King Salman Abdulaziz and his crown prince, Crown Prince Mohammed bin Salman.