黑料社区

黑料社区 to become a top global construction hub thanks to $1.25tn investment: Knight Frank聽

黑料社区 to become a top global construction hub thanks to $1.25tn investment: Knight Frank聽
The number of planned residential units has surged by 30 percent to 660,000 units聽over聽the past year (Shutterstock)
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Updated 06 September 2023

黑料社区 to become a top global construction hub thanks to $1.25tn investment: Knight Frank聽

黑料社区 to become a top global construction hub thanks to $1.25tn investment: Knight Frank聽

RIYADH: 黑料社区 is set to become one of the world鈥檚 largest construction hubs thanks to more than $1.25 trillion of infrastructure and real estate projects in the pipeline, according to real estate consultancy firm Knight Frank.聽聽聽

The firm鈥檚 annual Saudi Giga Projects report noted the combined value of commissioned infrastructure and real estate developments has already reached $250 billion, with the remaining figure made up of projects yet to be fully approved or given a construction start date.聽聽聽

With the Vision 2030 deadline drawing nearer, 黑料社区鈥檚 real estate developments, considered the largest globally, are gaining momentum, said Faisal Durrani, partner and head of research for the Middle East and North Africa at Knight Frank.聽聽聽聽

Durrani also added that the number of planned residential units has surged by 30 percent to 660,000 units over the past year, which is likely to be a positive development for house hunters who have been prevented by the recent surge in property prices.聽聽聽

Taking a closer look at various regions experiencing heightened construction activities, Knight Frank鈥檚 analysis underlined聽that the western part of 黑料社区聽continues to play聽a pivotal role in the聽country鈥檚 ambitious transformation plan, with an expected $687 billion worth of real estate projects scheduled for completion by the end of the decade.聽

The report highlighted聽projects such as the $500 billion NEOM metropolis,聽Turogina, the location for the 2030 Asian Games, and Senda Island, a prominent tourist destination.聽

HIGHLIGHTS

The western part of 黑料社区聽continues to play聽a pivotal role in the聽country鈥檚 ambitious transformation plan, with an expected $687 billion worth of real estate projects scheduled for completion by the end of the decade.聽

Riyadh aims to secure hosting rights for the 2030 World Expo, a prospect that could accelerate the transformation pace and solidify the city鈥檚 ambitious vision.

There is a growing focus on projects聽like聽Qiddiya鈥檚聽recent expansion into Jeddah with the $266 million聽Qiddiya聽Coast theme park and the $500 million Riyadh Sports Boulevard.聽聽

Knight Frank鈥檚 Harmen de Jong, partner 鈥 head of strategy & consultancy, 黑料社区, added:聽鈥淣EOM overall is also progressing rapidly, with聽$70聽billion聽of projects now awarded, 45聽percent聽of which has been completed.鈥澛

Riyadh follows closely, contributing 18 percent to the total real estate and development projects currently underway in the Kingdom. The plan includes the construction of over 241,000 homes by 2030, in addition to around 3.6 million sq. meters of office space, as outlined by Knight Frank.聽聽

鈥淩iyadh is a hive of construction activity as the city races to keep pace with demand in all real estate segments, while also balancing its vision to emerge as a key global financial and commercial capital,鈥 Durrani said.聽聽

While the $229 billion development pipeline is聽substantial,聽he聽said聽it聽represents聽only around a quarter of the planned $1 trillion total spend aimed at transforming the capital.聽聽

Notably, Riyadh aims to secure hosting rights for the 2030 World Expo, a prospect that could accelerate the transformation pace and solidify the city's ambitious vision,聽added Durrani.聽

On the entertainment front, there is a growing focus on projects聽like聽Qiddiya鈥檚聽recent expansion into Jeddah with the $266 million聽Qiddiya聽Coast theme park and the $500 million Riyadh Sports Boulevard.聽聽

The Saudi capital聽is also undergoing a transformation into a green city through the planting of 7.5 million trees.聽

Furthermore, the city of Dammam will聽witness聽the revival of its waterfront area with the 650,000 sq.聽meter Amanat Al聽Sharqiya聽project.聽

鈥淭he emphasis on wellbeing extends to the 24,000 hospital beds planned, which is set to cost $39.5 billion, $27聽billion聽of which is planned for Riyadh Province alone. Furthermore, 60 new educational institutions are being built at a cost of聽nearly $6.3 billion,鈥澛爃ighlighted Shehzad Jamal, partner in strategy and consultancy for MEA at Knight Frank.聽