Saudi Arabia megaprojects 2024: From Neom to AlUla, 17 developments shaping its future
03 Feb. 2024Value of property and infrastructure projects announced since 2016 has topped $1.25 trillion
From giant cubes to luxury seaside resorts, the list of megaprojects in Saudi Arabia continues to grow.
The kingdom's transformation under the Saudi Vision 2030 plan, which aims to diversify its economy and reduce its reliance on hydrocarbons, is changing the landscape of its cities and surrounding areas.
The Public Investment Fund, Saudi Arabia's sovereign wealth fund which manages more than $620 billion in assets, is at the heart of the Vision 2030 initiative.
Several of PIF's entities are leading the transformation with megaprojects. Some of the projects are of such scale and ambition that they are defined as giga-projects, considered “once in a generation” undertakings
Megaprojects in western Saudi Arabia
The value of property and infrastructure projects announced since Saudi Arabia rolled out its National Transformation Plan in 2016 has crossed $1.25 trillion, according to real estate agency Knight Frank.
Here, The National takes a look at 17 megaprojects expected to shape the future of the kingdom.
Neom
A futuristic multibillion-dollar megacity in the north-west of the kingdom, Neom forms a core part of Saudi Vision 2030.
The ambitious $500 billion giga-project, supported with funding from the PIF as well as local and international investors, aims to be powered entirely by clean energy.
The plan for Neom is a city where public transport and autonomous vehicles will be residents' main modes of travel.
First unveiled by Crown Prince Mohammed bin Salman in 2017, it seeks to challenge the traditional concept of cities and lifestyle.
Eleven projects have been announced within Neom, including The Line, a 170km-long, 500-metre tall city, and the most recent, a luxury eco-tourism destination, Zardun.
Red Sea Project
The Red Sea Project, also announced in 2017, is set to add another layer to the region's booming tourism industry.
The luxury regenerative tourism destination on the West coast, in the Tabuk province, is surrounded by the world's fourth-largest barrier reef system.
The project covers more than 28,000 square kilometres and includes an archipelago of more than 90 islands, dormant volcanoes, mountain canyons and ancient archaeological sites.
The plans include an eco-friendly resort carved into the mountains, futuristic overwater villas with views to rival the Maldives and new mangrove habitats.
By 2030, it is hoped it will house 50 hotels with 8,000 rooms, and up to 1,000 residential properties.
The Red Sea International Airport opened in September, with domestic flights now operating from Riyadh and Jeddah.
AlUla
The development of AlUla, a vast area estimated to be the size of Belgium, is planned to transform the region into one of the kingdom’s cultural capitals.
The heritage site, with its preserved tombs and sandstone outcrops, is already a popular tourist destination and is served by Prince Abdul Majeed bin Abdulaziz International Airport, around 25km to the south-east.
The Royal Commission for AlUla (RCU) was established in 2017 to preserve and develop the 2,000-year-old archaeological and historical site.
AlUla Development Company, which is wholly owned by the PIF, launched operations in January last year. It plans to deliver hospitality, residential, retail and infrastructure projects as part of the tourism push.
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Source: The National
