On the anniversary of the founding, giant real estate projects and initiatives are shaping the future of the Kingdom.
As we are just hours away from celebrating the anniversary of the founding day, which falls on February 22nd, the past years have witnessed many achievements and developments under the leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness the Crown Prince, Prince Mohammed bin Salman, Prime Minister, may God protect them.
The Kingdom witnessed many initiatives and mega-projects unveiled by the Crown Prince to shape the future of the renaissance and raise the rates of economic growth in the Kingdom in several sectors, the most prominent of which was the real estate sector, the most prominent of which we mention in the following lines:
– The “Qiddiya” project
In April 2017, Prince Mohammed bin Salman launched the project for the largest cultural, sports and entertainment city of its kind in the Kingdom, in the Qiddiya area, southwest of the capital Riyadh, which is the first of its kind in the world with an area of 334 square kilometers.
The project's vision is to make Qiddiya the entertainment destination in the Kingdom, and a hub for activities, discovery and participation, as it aims to change the concept of entertainment in the Kingdom and take advantage of the promising opportunities provided by the local market.
Red Sea Project
In August 2017, the global tourism project “The Red Sea” was launched, which will develop 22 islands out of more than 90 islands, create more than 70,000 job opportunities, and will play an important role in driving the Kingdom’s economic diversification by attracting about one million tourists annually, and contributing 22 billion riyals to the Kingdom’s GDP.
NEOM Project
In October 2017, Prince Mohammed bin Salman launched the "NEOM" project and supported it with more than $500 billion from the Kingdom, the Public Investment Fund, as well as local and international investors. The region is located in the northwest of the Kingdom, on an area of 26,500 km2, overlooking the Red Sea and the Gulf of Aqaba from the north and west for a length of 468 km, and is surrounded from the east by mountains with a height of 2,500 meters.
– The "Amaala" project
The “Amaala” project was launched in September 2018 as a luxury tourist destination on the Red Sea coast. It will undertake the initial financing and development of the project, to become a distinguished tourist destination within the Prince Mohammed bin Salman Nature Reserve in the northwest of the Kingdom. The entire project is expected to be completed by 2028.
– Diriyah Gate Project
In November 2019, the Custodian of the Two Holy Mosques sponsored the groundbreaking ceremony for the “Diriyah Gate” project, valued at 64 billion riyals, which is set to become a global tourist destination. The master plan for Diriyah Gate extends over an area of 7 square kilometers, and the plan provides 4 squares, an open amphitheater for gathering and exploration, 6 museums, in addition to an arts area.
The million-person city “The Line”
Launched in January 2021, the project's infrastructure costs are estimated to range between $100 billion and $200 billion. "The Line" is a million-person city comprising a series of urban communities entirely managed by artificial intelligence. The city stretches 170 kilometers from the NEOM coast in the northwest of the Kingdom, passing through the mountains and desert of NEOM to the east.
– Bloom Coral
The "Coral Bloom" design vision for the main island of the Red Sea Project, one of the world’s most ambitious tourism projects, was launched in February 2021. The project will be developed on 28,000 square kilometers of pristine land on the Kingdom’s west coast, and includes an archipelago of more than 90 untouched islands.
Al-Soudah Development Company
In February 2021, the Crown Prince launched the Al-Soudah Development Company in the Asir region with expected investments exceeding 11 billion riyals, to invest in infrastructure and develop the tourism and entertainment sectors.
The new large company, wholly owned by the Public Investment Fund, aims to invest in infrastructure and develop the tourism and entertainment sectors.
– Design vision: "A journey through time"
In April 2021, the Crown Prince launched the design vision for the “Journey Through Time” project, with the aim of reviving and rehabilitating the main archaeological area in Al-Ula. The project is a key milestone in the Al-Ula development program and its transformation into a global destination for arts, heritage, culture and nature.
The development strategy, when completed in 2035, aims to provide 38,000 new job opportunities, in addition to contributing 120 billion riyals to the Kingdom’s GDP.
– Jeddah Historical Revitalization Project
The Crown Prince launched the "Reviving Historic Jeddah" project as part of the Historic Jeddah Development Program, which aims to develop the living environment in the area to be an attractive center for business and cultural projects, and a major destination for ambitious entrepreneurs.
– The creation of the city of Oxagon
In November 2021, Crown Prince Mohammed bin Salman bin Abdulaziz, Chairman of the Board of Directors of NEOM, announced the establishment of the NEOM Industrial City “Oxagon”, which constitutes another step within the NEOM master plan.
Launch of the Jeddah Central Project Plan
The Crown Prince launched the master plan and main features of the "Jeddah Central" project (”New Jeddah Downtown“ formerly), with total investments reaching 75 billion riyals.
Launch of the Boutique Collection
On January 20, 2022, the “Boutique Group” was launched, aiming to develop, manage and operate a series of the Kingdom’s famous historical and cultural palaces and transform them into ultra-luxury boutique hotels, to revive the national heritage.
The first phase of the project aims to develop three historical destinations: Al-Hamra Palace in Jeddah, which will include 77 rooms including 33 luxury suites and 44 luxury villas; Tuwaiq Palace in Riyadh, which will include 96 rooms including 40 luxury suites and 56 luxury villas; and the Red Palace in Riyadh, which will contain 71 rooms including 46 luxury suites and 25 luxury guest rooms.
– Creating Trogina
On March 3, 2022, the Crown Prince announced the establishment of “Trogina,” the new global mountain tourism destination in “NEOM,” which will contribute to redefining the concept of global mountain tourism by providing an environmentally friendly tourism system.
“Trogina” is a catalyst for economic growth and diversification of income sources in the Kingdom, in accordance with the goals of Vision 2030, as the project will provide more than 10,000 job opportunities and add 3 billion riyals to the gross domestic product by 2030.
– Announcing The Line designs
On July 25, 2022, Prince Mohammed bin Salman, Chairman of the Board of Directors of NEOM, announced the designs for “The Line” city, which is human-centered and represents a leading global model that achieves sustainability and the ideal of living in harmony with nature.
One of the most important features of “The Line” city is that its width is only 200 meters along a length of 170 kilometers, and its height is 500 meters above sea level. The city will be built on an area not exceeding 34 square kilometers, and will accommodate about 9 million people. “The Line” will allow all residents access to all facilities and services within 5 minutes, in addition to the presence of a high-speed train that connects the two ends of the city within 20 minutes.
Launching the City Visions Project Plan
On August 24, 2022, the Crown Prince announced the launch of the infrastructure works and master plan for the “City Visions” project, which aims to increase the capacity to host 30 million pilgrims by 2030.
The project will be built on a total area of approximately 1.5 million square meters, with the aim of creating 47,000 hospitality units by 2030.
– Launch of the project THE RIG
In October 2021, the Public Investment Fund launched “THE RIG,” a new tourism project to be built on platforms inspired by offshore oil rigs. Located in the Arabian Gulf region, the project spans an area of over 150,000 square meters.
– Launch of Downtown Company
On October 3, 2022, the Crown Prince announced the launch of “Downtown Saudi Arabia” as a company wholly owned by the Public Investment Fund, which aims to create and develop urban centers and multiple and diverse destinations in 12 cities, and targets the development of more than 10 million square meters for its projects.
Launch of the King Salman International Airport project
On November 28, 2022, Crown Prince Mohammed bin Salman announced the launch of the master plan for King Salman International Airport. King Salman Airport will be one of the largest airports in the world, and will extend over an area of approximately 57 square kilometers, which includes the existing terminals under the name of King Khalid Terminals, and 6 runways.
– Development of Sindalah Island
On December 5, 2022, the Crown Prince announced the development of Sindalah Island, NEOM’s first marine tourism destination. The project is planned to create 3,500 jobs supporting the tourism, hospitality and entertainment sector. It will include a charming and vibrant marina with 86 berths, and the island will provide 413 hotel rooms with the highest international standards, in addition to 333 luxury hotel apartments.
