Recent research from Knight Frank shows that Saudi Arabia is a country set to be reborn following around $3 trillion set to be invested in the country in total.
According to the research, since 2016 nearly $1 trillion or real estate and infrastructure projects have been announced across the kingdom as part of Saudi Arabia’s Vision 2030. Nearly $300bn of the total spend is dedicated to new infrastructure, including vast new passenger rail networks and a new airport planned for Riyadh.
On the real estate front, Knight Frank highlighted eight new cities that are planned, mostly on the country’s western seaboard along the Red Sea coast. Nearly $575bn is being spent to deliver over 1.3 million homes, over 3 million square metres of office space and over 100,000 hotel rooms.
Faisal Durrani, Partner – Head of Middle East Research at Knight Frank said: “Saudi Arabia is a country being reborn. The ambition that underpins Vision 2030 is being borne out in reality and we are rapidly closing in on $1 trillion of developments, all of which are colossal. And this is only about a third of the total spend planned.”
