Saudi Vision 2030: A $1.3 Trillion Boost to the Kingdom’s Economy

According to a recent report by real estate consulting firm Knight Frank, the value of projects linked to Saudi Vision 2030 has surpassed $1.3 trillion since its inception in 2016.

The report highlights the steady growth of projects related to Saudi Vision 2030, which have exceeded one million housing units and include massive projects such as the “NEOM” project in western Saudi Arabia.

Real estate deals worth $164 billion have been awarded in the Kingdom since 2016, with nearly $29 billion allocated to the NEOM project. This significant investment is a testament to the Kingdom’s commitment to diversifying its economy and reducing its reliance on crude oil revenues.

Other sectors, including tourism, services, industry, and technology, have also received substantial investments, totaling over $1.13 trillion. These investments are part of the Kingdom’s broader strategy to support economic diversification plans and provide housing for its growing population.

The Kingdom aims to attract $100 billion in foreign direct investment by 2030 and welcome 150 million tourists annually. With 109 million tourists visiting Saudi Arabia in 2023, mostly local residents, the Kingdom is well on its way to achieving its ambitious goals.

Key Highlights of Saudi Vision 2030

• $1.3 trillion in project value since 2016
• Over 1 million housing units and massive projects like NEOM
• $164 billion in real estate deals awarded since 2016
• $29 billion allocated to the NEOM project
• $1.13 trillion invested in tourism, services, industry, and technology sectors
• $100 billion in foreign direct investment targeted by 2030
• 150 million tourists expected annually by 2030