The Middle East has a population exceeding 130 million. A young population with a median age of 28. With pockets of extreme wealth, especially in the Gulf Cooperating Countries (GCC), most of the region’s real estate development is concentrated here. With its 2030 vision, Saudi Arabia is investing billions into the real estate market to diversify its economy from relying on hydrocarbon exports.
More than 100 projects with a combined value of $100 billion should break ground in 2023. The Top 10 real estate developments that will break ground in 2023 are the following:
| 1 | Rua Al Madinah | $20.0 billion | Saudi Arabia |
| 2 | Al Rafeel City Phase 1 | $15.0 billion | Iraq |
| 3 | ROSHN Asir | $ 9.7 billion | Saudi Arabia |
| 4 | ROSHN Makkah | $ 9.7 billion | Saudi Arabia |
| 5 | Sulaibikhat Coast Development | $ 4.9 billion | Kuwait |
| 6 | Mall of Saudi | $ 4.3 billion | Saudi Arabia |
| 7 | AIDA | $ 4.0 billion | Oman |
| 8 | South Sabah Al Ahmad City | $ 3.5 billion | Kuwait |
| 9 | Rio Downtown | $ 1.9 billion | Saudi Arabia |
| 10 | Al Mukaimen Community | $ 1.6 billion | Saudi Arabia |
The Top 5 developers associated with these 100 developments are:
- Diriyah Gate Development Authority
- Public Investment Fund
- Aldar Properties PJSC
- NEOM
- National Housing Company
At ABiQ, we focus on supporting the development of the African and Middle Eastern markets. We identify investment opportunities and help businesses make the right choice when it comes to their role in investment, economic development and socioeconomic improvement. ABiQ provides validated data and trusted business intelligence. Our unique forecasting and project tracking tool provide data and analysis to support your business growth strategy across the Middle East and Africa. Contact us for a free demo.