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RIYADH: The value of contracts awarded by ��������’s giga-projects jumped 20 percent this year to $196 billion as the Kingdom accelerates development across real estate, infrastructure, and tourism, a new analysis showed. 

Global property consultancy Knight Frank said in its “�������� Giga Projects Report 2025” the surge highlights how the Vision 2030 transformation program is shifting from planning to execution. 

Riyadh remains at the core of this push, with landmark developments such as Diriyah Gate, King Salman Park, and the 220-km Sports Boulevard reshaping the capital’s landscape. 

The report’s findings highlight the progress of Vision 2030, which aims to position �������� as a regional hub for lifestyle, leisure, tourism, and economic activity. 

In a separate analysis released in July, Knight Frank projected that ��������’s overall construction output value will reach $191 billion by 2029 — a 29 percent increase from 2024 — driven by growth in residential projects, ongoing giga-projects, and rising demand for office space. 

Commenting on the latest report, Faisal Durrani, partner, head of research at Knight Frank for the Middle East and North Africa, said: “Riyadh has firmly established itself as ��������’s new economic powerhouse, accounting for 63 percent of all new jobs created in the Kingdom since 2019.” 

He added: “Projects worth more than $237 billion have been announced across real estate, infrastructure, and transport since 2016, with $44 billion already awarded in construction contracts.” 

Durrani said these investments will support the city’s population growth from 7 million in 2022 to 10.1 million by 2030, with more than 340,000 new homes, 4.8 million sq. meters of office space, 3 million sq. meters of retail, and nearly 30,000 hotel rooms. 

He further described Riyadh as witnessing “one of the most ambitious urban growth stories in the world,” adding that the scale of ongoing developments will help position the capital as a world-class hub for business, tourism, and global talent. 

Diriyah Gate, one of Riyadh’s flagship giga-projects and the birthplace of the first Saudi state, has emerged as one of the Kingdom’s most advanced developments. 

Contracts worth $5.9 billion were awarded in 2024, followed by another $3.7 billion in the first eight months of 2025. The total value of commissioned projects at Diriyah stands at $14.5 billion, with $45.6 billion more in the pipeline, Knight Frank said. 

Western �������� 

In western ��������, 17 giga-projects are underway with total announced investments of $431.3 billion since 2016, the report said. Of that, $57 billion has already been awarded and $187.2 billion remains in the pipeline. 

The region — home to Neom, the Red Sea Global project, and Qiddiya Coast — is a centerpiece of the Vision 2030 agenda, aimed at transforming the area into a hub for futuristic living, luxury tourism, and sustainability. 

By 2030, these initiatives are expected to deliver more than 382,500 new homes, over 3 million sq. meters of office space, 4.3 million sq. meters of retail space, and 330,000 hotel rooms. 

Knight Frank revealed that construction contracts worth $24 billion have been awarded for Neom and its sub-projects to date, including $470 million for Magna, $3.31 billion for Trojena, $8.9 billion for The Line, and $9.3 billion for Oxagon. 

Nationwide expansion 

Outside Riyadh and the western corridor, giga-projects across other regions and national initiatives represent $132.3 billion in investment, including $31.4 billion in commissioned projects and $85.3 billion in the pipeline. 

“Outside the major centers, projects are also enhancing liveability and integration, from developing Aseer and its Soudah Mountains to boost domestic tourism, to revitalizing downtown districts through the Downtown Co.,” said Harmen De Jong, regional partner – head of consulting, MENA at Knight Frank. 

He added that the National Housing Co. is advancing large-scale public housing schemes, while the Public Investment Fund–backed ROSHN is developing master-planned communities to expand homeownership and introduce new urban lifestyles. 

Sports and leisure investments 

Knight Frank also highlighted the Kingdom’s growing focus on sports and entertainment infrastructure, a key pillar of Vision 2030. Around a dozen stadiums are under construction or expansion, representing $17.5 billion in investments ahead of global events such as the 2027 AFC Asian Cup and the 2034 FIFA World Cup. 

Meanwhile, Saudi Entertainment Ventures, or SEVEN, a subsidiary of the Public Investment Fund, is rolling out entertainment destinations valued at over $4.7 billion across major cities. The projects will include theme parks, cinemas, and family leisure centers with more than 570,000 sq. meters of retail space. 

“Saudi’s strong pipeline of stadium and entertainment destination projects reflects not only the government’s ambition to host world-class sporting events but also its strategy to diversify the economy and improve quality of life,” said Amar Hussain, associate partner for research at Knight Frank. 

The consultancy said the pace of project execution and contract awards indicates that ��������’s multi-trillion-dollar Vision 2030 program — once seen as an aspirational plan — is now firmly entering the delivery phase. 

RIYADH: �������� is emerging as a key fintech hub in the Middle East, prompting the UK-based card issuing and payment processing firm Paymentology to formalize its operations in Riyadh.  

The company plans to designate its Saudi office as its regional headquarters, CEO Jeff Parker said. 

Speaking to Asharq at the Money20/20 Middle East conference in September, Parker said the move reflects Paymentology’s long-term commitment to the Kingdom. The company has obtained commercial registration in Riyadh to expand its on-the-ground presence. 

�������� has set ambitious fintech targets under its Vision 2030 agenda, aiming to increase the share of cashless transactions to 70 percent by 2025.  

The Kingdom’s payments landscape is undergoing rapid transformation, with the Saudi Central Bank, also known as SAMA, reporting that electronic payments accounted for 79 percent of total retail transactions in 2024, up from 70 percent in 2023. 

“We have been active in �������� for about four years. But to cement and take advantage of the opportunity, we need a physical presence. So, very excited to say that we have registered now as a Saudi company,” Parker said. 

He added that the Saudi market is evolving and clearly digitalizing rapidly. “The trend toward digitalization and financial inclusion is really going to continue,” he said, noting that the company considers �������� its regional headquarters. He said the next step is to start building a team and that Paymentology wants to hire a leader for the region. 

Parker also highlighted Paymentology’s confidence in its growth prospects in the Kingdom, citing the opportunities in the fintech sector and the country’s growing population. 

During the event, Paymentology signed a memorandum of understanding with Saudi-based remittance and digital payments provider Enjaz. 

“We signed a strategic partnership with Enjaaz. We think that is a great opportunity for us, very much aligned with Vision 2030 and providing financial inclusion for the region,” said Parker.  

In a separate statement, Bassam AlEidy, CEO of Enjaz, said the collaboration represents “a major step in shaping the future of payments in ��������, delivering innovation that is inclusive, dynamic, and tailored to the needs of our market.” 

He added: “At Enjaz, our focus has always been on giving our customers speed, convenience, and security, whether they are transferring money abroad or making everyday payments. By collaborating with Paymentology, we can now extend our card services that expand choice and enhance financial freedom.”