Saudi Arabia has launched $1.3 trillion in real estate and infrastructure projects over the past eight years as part of its plan to diversify the economy away from oil and become a more attractive place to live, work and travel.
The volume of projects is up 4 per cent from a year ago, according to Knight Frank. This includes more than a million residential units and mega developments such as NEOM on the Red Sea coast, the real estate consultancy group said in its latest Saudi Giga Projects Report.
About $164 billion worth of real estate contracts have been awarded since 2016, when Saudi Crown Prince Mohammed bin Salman bin Abdulaziz unveiled his strategy to wean the country off its dependence on petrodollars and improve the quality of life for locals.
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