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.