Saudi Arabia has backed plans for major infrastructure projects across Riyadh, envisaging an investment of about $1 trillion in the next seven years as part of its efforts to make the capital city to become one of the world’s top ten cities by 2030.
The flagship projects planned will include the world’s largest urban development project by the New Murabba Development Company and the world’s largest new passenger terminal at King Salman International Airport.
A recent successful bid to host Expo 2030 is a further statement of the city’s ambitions and will deliver a $7.8 billion master plan that is a cornerstone of Riyadh’s continued evolution into a thriving global destination.
Following the announcement by Crown Prince Mohammed bin Salman, Riyadh is set to experience a surge in construction activity with about $12.2 billion of contracts awarded to date.
A further $18 billion of projects are currently at the bidding or evaluation stage, while an additional $170 billion to be awarded in the near future.
Riyadh is a major part of the Kingdom’s plans for a sustainable economic future and currently represents around 50 percent of the non-oil-based economy in Saudi Arabia.
With a vibrant economy, lively cultural scene and open visa policy, Riyadh has recently set out plans to become one of the most visited cities in the world.
The major infrastructure investment push is vital to delivering a world class destination for health, education, research and business as the country gears up for major transformational change by 2030.
