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.

Furthermore, over $1.13 trillion ​has been distributed across various‌ sectors, including tourism, services, industry, and ⁣technology, ‍as⁤ part of Vision 2030. This ambitious plan aims⁢ to diversify the local ‍economy, ​reducing its reliance on crude oil revenues.

The Kingdom’s construction projects are designed to support economic diversification plans, ​provide‍ housing for ⁤a growing population, and enhance⁤ Saudi Arabia’s appeal as an investment and tourism ⁤destination.

By ⁤2030, the Kingdom aims to attract $100 billion in foreign direct investment and welcome 150 million tourists annually.

Notably, Saudi Arabia received approximately 109‍ million tourists in 2023, with the majority being local residents.