Top 5 Projects in Saudi Arabia
Saudi Arabia is aggressively working to diversify away from its reliance on hydrocarbons. There are more than $1.6 trillion of active projects in the kingdom, many of them megaprojects worth hundreds of billions.
Saudi Arabia is the largest oil exporter in the world. Subsequently, oil dominates the Suadi economy. In recent efforts to diversify the economy away from oil, the kingdom has embarked on a significant investment drive aimed as a catalyst to kickstart growth in other sectors such as tourism and manufacturing.
The kingdom’s population will increase by 12 per cent over the next decade to 40 million from the current 35 million. Housing is a key focus area for the government to ensure demand does not outstrip supply. Hand-in-hand with the various housing programmes are continued investment in utilities.
Many well-known mega projects such as NEOM, Al Failsaliah City, King Abdullah Economic City, and others make up a staggering $1.3 billion of projects under construction. A few smaller (by comparison but not by scale) projects would include the following in the ABiQ top 5:
Saudi Housing Program
Developed by the Saudi Ministry of housing, this is a megaproject that aims to build 1.5 million homes across the kingdom by 2030.
Saudi National Renewable Energy Program
The renewable programme is a Public-Private-Partnership with 25-year Power Purchasing Agreements and will include 35 projects spread across the kingdom. The Renewable Energy Project Development Office is the project sponsor, and the Saudi Power Procurement Company will purchase the power.
Al Ula Project
Developed by the Royal Commission for Al Ula, the project will include several heritage sites, natural reserves, resorts and museums. The development stretches over 22,561 square kilometres and will take more than 15 years to complete.
Diriyah Gate
The Diriyah Gate is a mix-use development that will include retail, residential, hospitality and entertainment facilities. The Diriyah Gate Development Authority is the primary developer, and the project will take ten years to complete.
Riyadh Metro – Lines 1 and 2
Close to completion, the metro lines have a combined length of more than 63 kilometres and 35 stations. Almabani General Contractors and Consolidated Contractors International Company were the lead contractors. Siemens provides the rolling stock.
Please reach out to us here for more information on these projects or if you are interested in a free demonstration.