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Saudi Arabia's property and infrastructure projects top $1.1tn since 2016


The aggregate value of property and infrastructure projects since the launch of Saudi Arabia’s National Transformation Plan in 2016 has crossed $1.1 trillion as the kingdom continues to diversify its economy, real estate consultancy Knight Frank said. The $500 billion futuristic NEOM city remains the biggest project on the list of 15 big developments at various phases of construction.

Saudi Arabia, Opec's biggest crude producer, is diversifying its economy away from oil, with the development of the housing, infrastructure and tourism sectors among the central planks of the kingdom’s overarching Vision 2030 economic reform agenda.

"The planned construction in the kingdom will easily make Saudi Arabia the largest construction site the world has ever known," said Faisal Durrani, partner and head of Middle East Research at Knight Frank.

Read the full story at The National News