Saudi Arabia’s gigaprojects are ramping up to award $569bn-worth of contracts between 2021 and 2025. According to MEED’s Saudi Gigaprojects report, the total will be a step change for the regional projects market as it will dwarf the $172bn-worth of work awarded in the previous five-year period between 2016 and 2021. It will also be more than double the previous record of $281bn reached between 2011 and 2015.
The acceleration of construction work on projects such as NEOM, The Red Sea Project, Qiddiya and Diriyah Gate has shown that the projects planned as part of Vision 2030 are real.
NEOM is the largest planned project, with an announced value of $500bn. It has also been the leading project to date for contract awards, with some $13bn-plus-worth of deals. Given its scale, it is likely to maintain this position until the end of the gigaproject programme.
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