On the anniversary of Foundation Day. Giant real estate projects and initiatives shape the future of the Kingdom
While we are a few hours away from celebrating the anniversary of Foundation Day, which falls on February 22, the past years have witnessed many imprints in terms of achievements and development, 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 chart the future of the renaissance and raise economic growth rates in the Kingdom in several sectors, most notably the real estate sector, which we highlight in the following lines:
- Al-Qiddiya project
In April 2017, Prince Mohammed bin Salman launched the largest cultural, sports and entertainment city project in the Kingdom, in the Al Qiddiya area southwest of the capital Riyadh, the first of its kind in the world with an area of 334 square kilometers.
The vision of the project is to make Al Qiddiya the first of its kind in the world.
The project's vision is to make Qiddiya the Kingdom's entertainment destination, a hub for activities, discovery and participation, aiming to change the concept of entertainment in the Kingdom and exploit the promising opportunities offered by the local market.
Qiddiya.
- The 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 jobs, and 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.
Red Sea Project.
The NEOM Project
In October 2017, Prince Mohammed bin Salman launched the "NEOM" project and supported it with more than $500 billion by the Kingdom, the Public Investment Fund, in addition to 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, 468 km long, surrounded by 2,500 meters high mountains from the east.
- AMAALA Project
Launched in September 2018 as a luxury tourism destination on the Red Sea coast, AMAALA will provide the initial funding and development of the project, which will be a premium tourism destination within the Prince Mohammed bin Salman Nature Reserve in northwestern Saudi Arabia, with the entire project expected to be completed by 2028.
Amala Project.
- Diriyah Gate Project
In November 2019, the Custodian of the Two Holy Mosques sponsored the groundbreaking ceremony for the SAR 64 billion Diriyah Gate project, which is set to become a global tourist destination. The Diriyah Gate master plan spans 7 square kilometers and provides 4 squares, an open amphitheater for gathering and exploration, 6 museums, and an arts district.
The Custodian of the Two Holy Mosques sponsored the laying of the foundation stone for the Diriyah Gate project.
- The Line
Launched in January 2021, the project's infrastructure will cost between $100 and $200 billion, The Line is a million-dollar city that includes a series of urban communities managed entirely by artificial intelligence. The city stretches 170 kilometers from the coast of Neom in the northwest of the Kingdom and passes through the mountains and the Neom Desert in the east.
Coral Bloom
The Coral Bloom design vision for the flagship 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, featuring an archipelago of more than 90 pristine islands.
Coral Bloom's design vision for the flagship island of the Red Sea Project was launched in February 2021.
- Al Soudah Development Company - Design Vision "Journey Through Time"
Historic Jeddah Revitalization Project Revitalizing Historic Jeddah.
Creation of Oxagon City
- Launch of the Jeddah Downtown Project Plan
- Launch of Boutique Group Riyadh, which will have 71 rooms including 46 luxury suites and 25 luxury hospitality rooms.
- Establishment of Trujina Trujina.
- The Line designs announced The Line will be built on an area not exceeding 34 square kilometers.
- Launch of the City Visions Project Blueprint
THE RIG Project Launch The RIG.
- Downtown Launch Downtown Saudi ArabiaDowntown.
King Salman International Airport plan launched King Salman International Airport.
- Development of Sandala Island Sandala Island Development
In February 2021, the Crown Prince launched Al Soudah Development Company in the Asir region with an expected investment of more than SR11 billion to invest in infrastructure and develop the tourism and entertainment sectors.
The major new company, wholly owned by the Public Investment Fund, aims to invest in infrastructure and develop the tourism and entertainment sectors.
In April 2021, the Crown Prince launched the design vision for the “Journey Through Time” scheme, which aims to revitalize and rehabilitate the main archaeological area in AlUla, as the project is a key milestone in the program to develop AlUla into a global destination for arts, heritage, culture and nature.
When completed in 2035, the development strategy aims to create 38,000 new jobs and contribute 120 billion riyals to the Kingdom's GDP.
The Crown Prince launched the “Revitalizing Historic Jeddah” project as part of the Historic Jeddah Development Program, which aims to develop the area's living space as an attractive hub for business and cultural projects, and a major destination for aspiring entrepreneurs.
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Chairman of NEOM, announced in November 2021 the establishment of the NEOM Industrial City "Oxagon" which is another step in the NEOM master plan.
The Crown Prince launched the master plan and main features of the Downtown Jeddah project (formerly New Jeddah Downtown), with a total investment of up to 75 billion riyals.
On January 20, 2022, Boutique Group was launched, which aims to develop, manage and operate a series of iconic historical and cultural palaces in the Kingdom and transform them into ultra-luxury boutique hotels, to revive the national heritage.
The first phase of the project aims to develop 3 historical destinations: Al Hamra Palace in Jeddah, which will have 77 rooms including 33 luxury suites and 44 luxury villas; Tuwaiq Palace in Riyadh, which will have 96 rooms including 40 luxury suites and 56 luxury villas; and Red Palace in Riyadh, which will have 71 rooms including 46 luxury suites and 25 luxury hospitality rooms.
On March 3, 2022, the Crown Prince announced the establishment of Trujina, a new global mountain tourism destination in NEOM, which will redefine the concept of global mountain tourism by providing an eco-friendly tourism ecosystem.
Trujina is a catalyst for economic growth and diversification of income sources in the Kingdom, in accordance with the objectives of Vision 2030, as the project will create more than 10,000 job opportunities and add 3 billion riyals to the GDP by 2030.
On July 25, 2022, Prince Mohammed bin Salman, Chairman of the NEOM Board of Directors, announced the designs of The Line, a human-centric, world-leading model for sustainability and the ideal of living in harmony with nature.
One of the most important specifications of The Line is that it is only 200 meters wide along 170 kilometers and a height of 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 allows all residents to access all facilities and services within 5 minutes, in addition to a high-speed train connecting the two ends of the city within 20 minutes.
On August 24, 2022, the Crown Prince announced the launch of the infrastructure 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 1.5 million square meters, targeting the creation of 47,000 hospitality units by 2030.
In October 2021, the Public Investment Fund (PIF) launched THE RIG, a new project in the tourism sector, which will be built on platforms inspired by offshore oil platforms. The project is located in the Arabian Gulf region and spans an area of more than 150,000 square meters.
On October 3, 2022, the Crown Prince announced the launch of Downtown Saudi Arabia as a wholly-owned subsidiary of the Public Investment Fund (PIF), which aims to create and develop urban centers and diverse destinations in 12 cities, targeting the development of more than 10 million square meters for its projects.
On November 28, 2022, Crown Prince Mohammed bin Salman announced the launch of the King Salman International Airport master plan; King Salman Airport will be one of the largest airports in the world and will span an area of approximately 57 square kilometers, which includes the current King Khalid Terminals and six runways.
On December 5, 2022, the Crown Prince announced the development of Sandala Island, NEOM's first destination for maritime tourism. The project is planned to create 3,500 jobs supporting the tourism, hospitality and leisure sector, and will include a charming and lively marina with 86 berths. The island will offer 413 hotel rooms of the highest international standards, in addition to 333 high-end hotel apartments.
