Construction contracts worth $24bn have now been awarded for Saudi Arabia’s NEOM project and sub-projects, according to property consultancy Knight Frank. They include $470m for Magna, $3.31bn for TROJENA – set to have the world’s largest man-made lake – $8.9bn for THE LINE, and $9.3bn for OXAGON.
On the country’s western seabord, 17 giga projects are underway including NEOM, The Red Sea, and Qiddiya Coast. Knight Frank said that here, $57bn of contracts had already been awarded and $187.2bn worth were in the pipeline.
Riyadh is leading on giga projects with developments such as Diriyah Gate, King Salman Park and the 220km Sports Boulevard.
The $63bn Diriyah Gate cultural project at the At-Turaif Unesco world heritage site is among the most advanced. The value of commissioned projects to date stands at $14.5bn, with a further $45.6bn in the pipeline.
Meanwhile, giga projects across other regions represent investments worth $132.3bn, which Knight Frank said was “driving economic diversification beyond the main hubs while improving quality of life through new housing, jobs and infrastructure”.
Sports infrastructure is also booming, with more than a dozen stadiums – representing a combined project value of $17.5bn set for expansion, upgrades, or new construction.
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