14 Saudi Arabia Giga Projects; Vision 2030

From Qiddiya to Neom, Saudi Arabia is creating a host of giga projects and attractions as part the Public Investment Fund’s (PIF) Vision 2030. This aims to diversify the economy and reduce the kingdom’s reliance on oil. The Saudi Arabia giga projects and new entertainment experiences are designed to stimulate the economy. Each one will generate high financial returns.

Saudi’s entertainment sector is rapidly growing. In January 2023, Mohammed bin Salman, the crown prince of Saudi Arabia, confirmed Diriyah as the PIF’s fifth giga project. Located on the edge of Riyadh, it joins the existing Saudi Arabia giga projects: Neom, Red Sea, Qiddiya, and Roshn.

The monarchy is also working on several smaller but significant projects. Saudi Entertainment Ventures, a Qiddiya company, will invest $13 billion in the creation of 21 entertainment attractions. Other projects include AlUla, the world’s largest living museum, and Amaala, a luxury complex with a wellness focus.

Saudi Arabia aims to attract 150 million visitors every year by 2030. Since opening to tourists in 2019, the country has become one of the world’s fastest-growing markets. In 2022, it received 93.5 million visitors.

Since the unveiling of Vision 2030 in 2016, Saudi Arabia has awarded construction contracts worth $250 billion and initiated around $1.25 trillion in real estate and infrastructure projects, according to 2023 Saudi Arabia giga projects report.

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Saudi Vision 2030

Saudi Vision 2030 was announced by Crown Prince Mohammed bin Salman in 2016 and seeks to transform Saudi Arabia, to diversify the largest economy in the Middle East away from its historic dependence on oil. The ambitious long-term development plan will aim to attract significant investment to the private sector, open up the economy and reduce bureaucracy to attract foreign direct investment.

At its core, the plan outlines a goal for increasing non-oil revenue to more than US$160 billion by 2020 and US$266 billion by 2030, up from a foundation of US$43 billion in 2015. Key industries projected to profit from diversification efforts include tourism, transportation and logistics, high-value manufacturing, the defense industry, renewable energy, and mining.

“Saudi Arabia’s policy reforms and investment under Vision 2030 have transformed the Kingdom’s real estate landscape, making it one of the most dynamic markets in the region,” said Tarek Lotfy, president of Mercer in India, Middle East, and Africa, in an interview with Arab News.

He emphasized that these reforms have accelerated the sector by aligning with broader initiatives to increase homeownership, improve livability, and attract foreign investments. This has been achieved through eased ownership regulations and the creation of Special Economic Zones.

These industries will also see considerable construction of roads, trains, ports, airports, power plants, factories, mining, and supporting infrastructure. Saudi Arabia said in January 2019 that it will seek $429 billion in private investment over ten years to support an infrastructure project that will include five new airports and an expanded high-speed rail network.

The iconic Saudi Arabia giga projects revealed as part of the Vision 2030 are NEOM Smart City, Red Sea Resort Project, Qiddiya Entertainment City, and Amaala Red Sea Riviera.

What are Saudi Arabia Giga Projects?

Saudi Arabia giga projects are at the heart of the country’s economic growth and diversification. It is being created as part of Crown Prince Mohammad bin Salman’s Vision 2030 initiative to restructure the kingdom. The Cityscape conference in Riyadh showcased a succession of massive initiatives known as Saudi Arabia giga projects. In total, 14 Giga projects are large-scale ambitious projects, several of which are supported by Saudi Arabia’s Public Investment Fund. The crown prince personally funds the Giga project known as Mohammed bin Salman Non-profit City.

Who will Benefit Most from the Saudi Arabia Giga Projects?

Saudi Arabia is on track to diversify its economy. And Saudi Arabia giga projects play an important role in the company’s ambitious plans. Wondering who will gain from Saudi Arabia giga projects? The following are the lists:

• Contractors
• PPP investors
• Suppliers
• Financiers
• Manufacturers
• Bankers
• Economists and analysts
• Policy makers
• Engineering consultants
• Power developers
• Technology companies
• Academics
• Researchers

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Top 14 Saudi Arabia Giga Projects

Here is the list of top 14 Saudi Arabia giga projects worth knowing about:

1. Qiddiya

Qiddiya, a multibillion-dollar entertainment attraction near Riyadh, is poised to become the world’s largest entertainment metropolis. It will even outperform Walt Disney World in Florida. Qiddiya Investment Company (QIC) collaborated with Bjarke Ingels Group to produce the master plan for this Saudi Arabia giga project. Guests will have access to over 400 amenities, which include theme parks, water parks, and a sports city.

There will be outdoor and adventurous activities, as well as cultural attractions. Qiddiya will also include shopping malls, food and beverage districts, a performing arts theater, a multiplex cinema, an aquatic center, and a racing complex. “This is a super exciting project,” Philippe Gas, a Disney veteran and former Qiddiya CEO, told Blooloop.

“It is the world’s largest initiative combining entertainment, sports, and the arts. This had never been done before. So the complexity is interesting,” Gas explained. “It is about three times as big as Walt Disney World. It’s big. This is a venue that, due to its vastness, will provide people with days of entertainment.

2. AlUla – Cultural Tourism & Heritage-focused Giga Project

The Al’Ula Saudi Arabia giga project entails developing the land surrounding the UNESCO World Heritage Site of Al’Ula in order to boost the historic city’s appeal to tourists while also improving the quality of life for inhabitants.

The plans include the construction of luxury hotels, museums, cultural institutions, and other amenities to improve the city’s economic and social well-being. Infrastructure construction has already begun, thanks to a $2 billion initial investment, including the expansion of the Al’Ula airport to meet project targets.

This Saudi Arabia giga project’s entire development value is anticipated to be more than $15 billion. The basic infrastructure of the historic city will be developed with $3.2 billion. The Al’Ula project needs partners to carry out its “Journey Through Time” master plan. There is potential for public-private cooperation. The project is estimated to add $32 billion to the Kingdom’s GDP and generate more than 38,000 jobs.

3. King Salman Park – Urban Development-focused Giga Project

King Salman Park, located in central Riyadh, will be the world’s largest urban park, with an area of 16.7 square kilometers. The proposal consists of a Royal Arts Complex, multiple Islamic-style mazes and gardens, pathways, and a pavilion. This Saudi Arabia giga project will also feature the building of residential units, hotels, neighborhood facilities, parking, and retail spaces to meet the Kingdom’s capital’s rising housing and economic needs.

The King Salman Park Real Estate Development Fund is valued at $1.07 billion and was established by the King Salman Park Company and Saudi Fransi Capital. This Saudi Arabia giga project is a collaboration between the public and private sectors, with Naif Alrajhi Investment overseeing the development of the park’s first real estate land parcel. Several Saudi companies have been awarded contracts by the King Salman Park Foundation to work on the various development projects within the park. ($1.03 billion in total.)

4. New Murabba

The New Murabba project aims to create a new commercial and cultural zone spanning 25 million square kilometers, altering downtown Riyadh. All of the buildings, comprising 104,000 residential units, hotels, communal amenities, retail and office spaces, and leisure zones, would be linked by an internal transportation system.

This Saudi Arabia giga project’s main feature is the Mukaab, a 400-meter-high, 400-meter-wide, and 400-meter-long cube-shaped structure that will include businesses and cultural attractions as well as digital and virtual technology that will provide exploratory experiences.

5. ROSHN – Estate & Community-focused Giga Project

The ROSHN Saudi Arabia giga project is not only driving the creation of contemporary communities in the Kingdom, but it is also altering the urban landscape and playing a critical role in the government’s objective of achieving 70% house ownership throughout Saudi Arabia by 2030. By 2030, ROSHN expects to have built over 400,000 dwellings and neighborhood facilities across geographically diverse areas covering 200,000 km2 of land.

ROSHN signed eight new contracts totaling $2.1 billion to build new residential units and infrastructure throughout the kingdom. ROSHN leadership is especially friendly to foreign investors, with ROSHN Group Chief Development Officer Oussama Kabbani encouraging foreign developers to investigate options to be a part of the giga project as foreign investment opportunities in the Kingdom grow.

6. The Red Sea

Red Sea Global is behind The Red Sea, another Saudi Arabia giga project that prioritizes luxury, sustainability, and innovation. Formerly known as the Red Sea Project, The Red Sea is set to welcome its first visitors in 2023. It is marketed as the world’s most environmentally conscious luxury vacation resort. “Our destination is one of extraordinary natural beauty, which we have a responsibility to protect and enhance for future generations,” said John Pagano, Red Sea Global’s CEO.

Red Sea Global, which is controlled by the PIF, plans to create 50 resorts along the Red Sea coast by 2030, with each devoted to environmental sustainability. The business is also leading the development of the adjoining Amaala project. It has granted approximately 1,300 contracts for both Saudi Arabia giga project totaling nearly $8.5 billion to date. Pagano stated that the developer is creating “mega-scale responsible developments that positively shape the futures of both the people we welcome and employ, as well as the communities in which we operate.”

“We are not only expanding our footprint to help create massive economic opportunities – valued at hundreds of billions worth of riyals – for the people of Saudi Arabia,” he added. “We also want to set new global standards in development and inspire the industry to do better.”

7. Coral Bloom and Desert Rock

Desert Rock, an eco-friendly mountain hideaway developed by Oppenheim Architecture, aims to safeguard and maintain the environment. “We wanted to create a destination that allows guests to experience Saudi Arabia’s untouched beauty,” Pagano said. “Desert Rock will provide guests with uninterrupted spectacular views while preserving the natural landscape for future generations to enjoy.”

Shurayrah, the Red Sea’s gateway island, has a vision called Coral Bloom. It was designed by Foster + Partners and contains 11 immersive hotels, new beaches, and a lagoon. “The materials we utilize have a low impact and safeguard the pristine environment. Furthermore, the changes we make to the island serve to improve what is already there, hence the term, Coral Bloom,” stated Gerard Evenden, head of studio at Foster + Partners.

Red Sea Global has announced Thuwal, a new private island hideaway, for October 2023. It is not affiliated with the Red Sea or Amaala, and there are no third-party hospitality or hotel businesses.

8. SEVEN – Entertainment & Tourism-focused Giga Project

Saudi Entertainment Ventures, known as SEVEN, is a PIF-owned Saudi Arabia giga project acting as the development and investment arm for the Kingdom’s entertainment sector. Supporting the Kingdom’s economic diversification, it creates significant opportunities for strategic local and international partnerships.

It aspires to deliver family-friendly entertainment and excitement for Saudi youth through eight global collaborations and 150+ entertainment zones spread across 14 locations. In line with the Kingdom’s goal of increasing travel and tourism, SEVEN’s entertainment attractions are expected to welcome more over 90 million people by 2030.

SEVEN began construction on a $346 million amusement park in Madinah in partnership with BUJV, a joint venture between Al Bawani Co and UrbaCon Trading & Contracting. SEVEN has secured cooperation agreements with global entertainment industry companies such as Hasbro, Warner Bros. Discovery, Mattel, and Clip ‘n Climb to develop innovative attractions including integrated brand content. SEVEN is anticipated to invest more than $13 billion to develop 21 entertainment locations.

9. Diriyah

As previously stated, Diriyah has been confirmed as the Public Investment Fund’s Saudi Arabia giga project. The $62.2 billion facility, located on the outskirts of Riyadh, serves as a culture and lifestyle attraction with entertainment, dining, and shopping. It also includes At-Turaif, which is a historical district and UNESCO World Heritage Site.

The location will feature world-class cultural and educational programs. There will be hotels, museums, and a shopping district. Residents and visitors can learn about Saudi Arabia’s history at the giga project’s museums. There is also a historic village and an artists district with galleries, restaurants, and shopping opportunities.

Diriyah Square will be the project’s commercial hub. This will include cultural, retail, leisure, and entertainment options, as well as premium hotels and living and working spaces. “Diriyah Square has crafted a collection of the finest culture, hospitality, retail, leisure and entertainment assets,” said Jerry Inzerillo, GCEO of Diriyah Company. “The project is set to become one of the world’s greatest gathering places, all in the vibrant heart of authentic Diriyah.”

10. Dragon Ball Theme Park

Qiddiya City will also have the world’s first Dragon Ball theme park, a 500,000-square-metre attraction with seven regions modeled after prominent places from the original series. This Saudi Arabia giga project will have more than 30 attractions, including five cutting-edge rides. The location will also feature a 70-meter-high figure of Shenron (the magical dragon from the Dragon Ball series), as well as a large-scale roller coaster.

11. Neom

Another Saudi Arabia giga project, Neom, was announced in 2017. This $500 billion ‘country of the future’ will be 33 times the size of New York City and nearly as big as Belgium. It will include cognitive cities, ports, research facilities, entertainment venues, and tourist attractions. Saudi officials have referred to Neom as “the world’s most ambitious project”. They hope to attract one million visitors by 2025 and five million by 2030.

“If we are to solve tomorrow’s challenges, we must face them now, no matter how difficult they may appear,” stated Neom CEO Nadhmi Al-Nasr. The initiative, as he stated, is “addressing some of the most pressing challenges facing humanity by bringing together a community of the brightest minds committed to reimagining what a sustainable future will look like in 20 to 30 years, and building it today.” He continued, “We are currently redefining the future. Neom is open for business.

12. Mohammed bin Salman Non-profit City (MISK) – Innovation & Education-focused Giga Project

MISK is being built in Riyadh as a business incubator and hub for the next generation of entrepreneurs and leaders. The foundation stresses personal and business growth through different programs that include business, literature, culture, art, science, and technology.

The City is intended to be people-focused and sustainable (44% of the space will be devoted to promote sustainable development), with around 99.000 m2 set aside for amenities to support the projected 18,000 residents.

Mohammed bin Salman’s own foundation provided the funding. Has contributed to the formation of over 500 businesses. In November 2023, the Small and Medium Enterprises General Authority (Monsha’at) and MISC signed a memorandum of understanding to promote business growth in the city through new initiatives.

13. King Abdullah Financial District (KAFD) – Financial & Business-focused Project

This landmark business and residential neighborhood boasts 61 towers and skyscrapers, making it a lively, smart city that provides cutting-edge solutions, world-class workspaces, contemporary housing, and one-of-a-kind entertainment options. Only 40% of the 1600 km2 zone has been built, and the expansion is still underway.

KAFD serves as the regional headquarters for international firms in the Kingdom and is one of four special economic zones that will impose unique laws on foreign corporations. The district will expand over the next year, with KAFD management announcing intentions to build 1,000 residential flats over the next six months. KAFD receives 10,000 visits every day on average, but the number is likely to rise to hundreds of thousands in a few years, according to the CEO of KAFD.

14. Masar Destination – Religious Tourism-focused Giga Project

The Masar destination project focuses on the reconstruction of a commercial zone near Makkah’s Grand Mosque. Umm Al Qura Company, a private developer, is leading the project. The corporation received $6.13 billion in infrastructure investments. This Saudi Arabia giga project’s infrastructure was 92% complete by the end of 2022 and is scheduled to be completed by 2035.

The Masar destination project is planned to produce 16,000 jobs in Mekkah. The Umm Al Qura got additional investments totaling $3.2 billion Saudi Riyals from a broad collection of investors from various industries. The company recently entered into a collaboration arrangement with the International Hospitality Group to build and run the Swiss Inn Hotel. Umm Al Qura plans to raise $26.6 billion from investors to complete the project and develop Mekkah as a long-term investment destination.

FAQs 

What are Saudi Arabia Giga Projects, and how do they contribute to Vision 2030?

• Answer: Saudi Arabia Giga Projects are crucial to the country’s economic development and diversification. They are being developed as part of Crown Prince Mohammad bin Salman’s Vision 2030 effort to reform the Kingdom. The Cityscape conference in Riyadh highlighted a series of huge undertakings known as Saudi Arabia Giga Projects. In total, 14 Giga projects are large-scale ambitious initiatives, several of which are financed by Saudi Arabia’s Public Investment Fund.

What is Qiddiya, and why is it a significant Saudi Arabia Giga Project?

• Answer: Qiddiya, a multibillion-dollar entertainment complex outside Riyadh, is set to become the world’s greatest entertainment hub. It will outperform Walt Disney World in Florida. Guests will have access to more than 400 attractions, including theme parks, water parks, and a sports city. Qiddiya will also have shopping malls, food and beverage districts, a performing arts theatre, a multiplex cinema, an aquatic center, and a racetrack.

How is AlUla contributing to Saudi Arabia Giga Projects?

• Answer: The AlUla Saudi Arabia Giga Project involves expanding the land surrounding the UNESCO World Heritage Site of AlUla in order to increase the historic city’s allure to tourists while also increasing the quality of life for locals. The plans call for the creation of luxury hotels, museums, cultural institutions, and other amenities to boost the city’s economic and social standing. The project is expected to add $32 billion to the Kingdom’s GDP and create over 38,000 jobs.

What makes The Red Sea project unique among Saudi Arabia Giga Projects?

• Answer: Red Sea Global is responsible for The Red Sea, another Saudi Arabia Giga Project that emphasizes luxury, sustainability, and innovation. Formerly known as the Red Sea Project, the Red Sea will welcome its first guests in 2023. It is advertised as the world’s most eco-friendly luxury vacation resort. Red Sea Global, which is controlled by the PIF, intends to build 50 resorts along the Red Sea coast by 2030, with each focusing on environmental sustainability.

What is NEOM, and how does it fit into Saudi Arabia Giga Projects?

• Answer: NEOM is one of Saudi Arabia’s most ambitious Giga Projects, envisioning a futuristic city that combines cutting-edge technology, sustainability, and creativity. NEOM, which is 33 times the size of New York City, is projected to host a number of smart cities, including THE LINE, a zero-carbon linear city, and Oxagon, the world’s largest floating industrial complex. The project’s goal is to attract global investment and redefine urban living in Saudi Arabia.

How does Diriyah Gate contribute to Saudi Arabia Giga Projects?

• Answer: Diriyah Gate is a critical component of Saudi Arabia Giga Projects, which aim to repair and turn the Saudi state’s origin into a global cultural and heritage site. The proposal involves the construction of luxury hotels, museums, and retail spaces while maintaining the old At-Turaif area, which is a UNESCO World Heritage Site. Diriyah Gate is expected to attract millions of people annually, bolstering Saudi Arabia’s cultural tourism economy.

What role does King Salman Park play in Saudi Arabia Giga Projects?

• Answer: King Salman Park, one of Saudi Arabia’s main Giga Projects, is expected to become the world’s largest urban park. It will span 13.4 square kilometers and include open areas, sports facilities, art pieces, and entertainment venues. The project’s goal is to improve inhabitants’ quality of life while also supporting the Kingdom’s environmental sustainability goals by expanding green spaces across the city.

What economic impact do Saudi Arabia Giga Projects have on the Kingdom?

• Answer: Saudi Arabia Giga Projects aim to restructure the economy by attracting global investment, creating jobs, and increasing non-oil revenues. These initiatives are intended to create millions of new jobs, benefit local businesses, and boost Saudi Arabia’s GDP. By 2030, the Giga projects will contribute significantly to the Kingdom’s status as a global hub for tourism, entertainment, technology, and sustainability.

Conclusion – How Giga Project Rises Business Opportunities in Saudi Arabia

Saudi Arabia giga projects are big goal to become a worldwide economic powerhouse, attracting global investors from all over the world. As previously said, the 14 Saudi Arabia giga projects provides significant development in the country and encourages investment and business from around the world. Giga projects are an important component of Saudi Vision 2030, and it is excellent that the country is reaching its goals on a daily basis, creating more and more economic prospects in the kingdom.

Resources:

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For all the pictures: Archdaily