{"id":68971,"date":"2024-09-11T14:56:11","date_gmt":"2024-09-11T11:56:11","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=68971"},"modified":"2025-11-26T01:54:05","modified_gmt":"2025-11-26T01:54:05","slug":"1-3-%d8%aa%d8%b1%d9%8a%d9%84%d9%8a%d9%88%d9%86-%d8%af%d9%88%d9%84%d8%a7%d8%b1-%d8%ad%d8%ac%d9%85-%d9%85%d8%b4%d8%a7%d8%b1%d9%8a%d8%b9-%d8%a7%d9%84%d8%a8%d9%86%d9%8a%d8%a9-%d8%a7%d9%84%d8%aa%d8%ad","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/68971\/","title":{"rendered":"USD 1.3 trillion in infrastructure and real estate projects since the launch of Vision 2030"},"content":{"rendered":"

Announced Knight Frank<\/a><\/strong>, a firm specializing in real estate consulting, stated that the scale of infrastructure and real estate projects announced by the Kingdom of Saudi Arabia since the launch of Vision 2030<\/a> <\/strong>In 2016, it reached 1.3 trillion U.S. dollars (equivalent to 4.88 trillion Saudi riyals). This figure serves as evidence of the Kingdom\u2019s significant efforts to turn its development plans into reality, while strengthening its position as a new economic power on the global stage, according to Bloomberg.<\/p>\n

A Major Leap Forward in Project Implementation and Goal Achievement<\/span><\/h4>\n

Over the past year, the Kingdom has seen a remarkable expansion of its economic ambitions, with construction contracts worth $250 billion (937.5 billion riyals) awarded for projects announced since 2016. According to a Knight Frank report, these projects include a range of major infrastructure initiatives andReal estate<\/a><\/strong>, reflecting the Kingdom\u2019s commitment to achieving Vision 2030 and accelerating the pace of economic and social change.<\/p>\n

Knight Frank also revealed in its report that since the launch of Vision 2030 in 2016, projects aimed at providing 1,048,000 housing units in Saudi Arabia have been announced. Only 4% of these units have been completed so far, while the remainder are scheduled for completion by 2030, as part of the Kingdom\u2019s efforts to achieve its ambitious goals of improving quality of life and increasing homeownership rates among citizens.<\/p>\n

Residential transactions in Saudi Arabia, which accounted for 61% of the total real estate transactions by value during the first half of 2024, a notable increase of 41% in the number of transactions, reaching approximately 91,860 sales. The value of these transactions also rose by 48% to reach 77.6 billion Saudi riyals during the same period.<\/p>\n

Government initiatives aimed at boosting housing supply and increasing affordability have played a crucial role in stimulating sales activity this year. The government launched various housing projects, including the \u201cSakani\u201d and \u201dWafi\u201d programs, which aim to promote homeownership among citizens. These efforts also extended to secondary and tertiary cities across the country.<\/p>\n

By the end of 2023, the percentage of Saudi homeownership reached 63.74%, marking an increase of 16.7 percentage points compared to 2016, the year the National Transformation Plan was launched. This achievement exceeded the government\u2019s target of 63% for 2023, according to data from the Ministry of Municipalities and Housing, reflecting the success of government policies in increasing homeownership rates among citizens.<\/p>\n

With regard to Riyadh, Knight Frank noted that the Saudi capital will see the completion of 4.6 million square meters of new office space by 2030, in addition to 2.6 million square meters of new retail space. The company also noted that approximately 28,800 new hotel rooms will be delivered, increasing the total number of hotel rooms from the current approximately 22,300, as part of ongoing efforts to meet the growing demand for commercial and tourism space in the city by 2030.<\/p>\n

This massive expansion reflects a growing sense of momentum toward implementing the Vision, especially as the Kingdom strives to achieve its goals by 2030, when it aims to bring about a comprehensive transformation that will reshape its economy and enhance its global competitiveness.<\/p>\n

Hosting International Events Enhances the Kingdom's Standing<\/span><\/h4>\n

The Kingdom\u2019s positive economic transformation is also evident in its hosting of Expo 2030 in Riyadh, as well as its status as the sole candidate to host the 2034 FIFA World Cup. These international achievements strengthen Saudi Arabia\u2019s standing and reflect the international community\u2019s confidence in the Kingdom\u2019s ability to host major events, which in turn bolsters the national economy and attracts further investment.<\/p>\n

Challenges and Opportunities in the Residential Real Estate Market<\/span><\/h4>\n

Despite these successes, it faces Real estate market<\/a><\/strong> The housing market in the Kingdom faces some challenges, such as fluctuations linked to global real estate cycles. Nevertheless, the market remains active, with approximately 660,000 housing units currently under construction across the country, reflecting efforts to meet the growing demand for housing and provide modern homes that meet the needs of the population.<\/p>\n

Through these massive projects, the Kingdom seeks to provide an integrated housing environment for its citizens, overcoming current challenges by offering innovative housing solutions as part of a comprehensive vision for the future.<\/p>\n

Vision 2030: A Commitment to Comprehensive Economic Transformation<\/span><\/h4>\n

In a statement, Faisal Dorani, Head of Research for the Middle East and North Africa at Knight Frank, affirmed that the Kingdom is on the right track to achieving its ambitious goals, noting that Vision 2030 represents a qualitative leap toward building one of the most vibrant and dynamic economies in the world. He noted that the announcement of the Vision served as a major turning point aimed at reducing dependence on oil and diversifying the economy, thereby enhancing the Kingdom\u2019s global competitiveness.<\/p>\n

The importance of Vision 2030 lies in the fact that it is a strategic blueprint for Saudi Arabia\u2019s future, seeking to establish a society rooted in heritage and traditions, while focusing on developing an economy that is not dependent on oil revenues. Prominent among the initiatives outlined in this vision are major projects such as NEOM, a symbol of future cities with an estimated cost of $500 billion, reflecting the Kingdom\u2019s commitment to delivering innovative urban solutions.<\/p>\n

Major Projects to Achieve Vision 2030<\/span><\/h4>\n

Vision 2030 is an ambitious plan aimed at providing world-class housing for Saudi citizens, and it is part of a comprehensive effort to redefine urban life in the Kingdom. As part of these plans, work is underway to develop at least 15 new cities, including NEOM, which serves as a model for the smart cities of the future.<\/p>\n

This transformation reflects the Kingdom\u2019s commitment to bringing about a qualitative change in various sectors, including housing, and to developing advanced infrastructure that meets future needs and enhances the quality of life for citizens and residents alike.<\/p>\n

These efforts demonstrate that the Kingdom is earnestly striving to achieve a qualitative leap in its economy through Vision 2030, thereby strengthening its position as a global economic hub and an attractive destination for investment. Through this vision, Saudi Arabia is preparing to embark on a bright future that will achieve sustainable development and improve the quality of life for everyone living in the Kingdom.<\/p>","protected":false},"excerpt":{"rendered":"

Reading time: <\/span> 3<\/span> Minutes<\/span><\/span>Knight Frank, a real estate consulting firm, announced that the value of infrastructure and real estate projects unveiled by the Kingdom of Saudi Arabia since the launch of Vision 2030 in 2016 has reached US$1.3 trillion (equivalent to 4.88 trillion Saudi riyals). This figure serves as evidence of the Kingdom\u2019s significant efforts to transform its development plans into \u2026 Read 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