Construction contracts totalling $24 billion have been awarded for Saudi Arabia’s NEOM project and its sub-projects, according to a recent report by property consultancy Knight Frank. These contracts include $470 million for Magna, $3.31 billion for TROJENA — which features the world’s largest man-made lake — $8.9 billion for THE LINE, and $9.3 billion for OXAGON.

Saudi Arabia’s western seaboard is currently home to 17 giga projects, including NEOM, The Red Sea, and Qiddiya Coast. Knight Frank noted that contracts worth $57 billion have already been awarded in this region, with a further $187.2 billion still in the pipeline.

Across other regions, giga projects valued at $132.3 billion are helping to diversify the economy beyond the major centres, while enhancing living standards through new housing, employment opportunities, and improved infrastructure, according to Knight Frank.

The sports sector is also expanding rapidly, with over a dozen stadiums planned for renovation, expansion, or new builds, totalling $17.5 billion in project value.

Read the full story at Construction Kenya