The rate of investment that is being realized in Saudi Arabia will make the country the largest construction market in the world. By the end of 2028, the total value of construction output will reach 181.5 billion USD. This is 30% more compared to 2023, according to an analysis by the consulting company Knight Frank.
In 2016, a National Transformation Plan was launched in Saudi Arabia. The total value of real estate and infrastructure projects exceeds USD 1.25 billion.
The goal of Vision 2030 is to build over 660,000 homes and over 320,000 hotel rooms, as well as 6.1 million square meters of office space. All this should happen by the end of the current decade.
The goals of such a giga-investment is, on the one hand, to transform the currently oil-dependent economy, and on the other hand – to attract more tourists.
The change is in progress. Last year alone, construction contracts worth more than USD 140 billion were signed in Saudi Arabia, mainly concentrated in the capital Riyadh.
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