Giga Projects in Saudi ArabiaBuilding the Saudi future

The Kingdom’s ambitious Vision 2030 objectives are transforming Saudi’s economy, landscape, and future. The Saudi giga projects are unique in their scale, ambition, and ability to change the Saudi economy and its sectors.

These landmark projects epitomize Saudi Arabia’s far-reaching development plan to reposition and redefine the Kingdom and encourage environmental conservation and foreign investment.

Neom - Technology & Sustainability-focused Giga Project

Meaning “new future,” NEOM presents the world with a ground-breaking vision of the future, attracting forward-thinking creatives and entrepreneurs ready to be the living embodiment of solutions to global issues through genuine sustainable living, both in the workplace and at home.

Covering an area of 26,500 km over the Red Sea region, NEOM, one of the leading Giga projects in Saudi Arabia, includes the “THE LINE,” “Hexagon,” “Trojena,” and “Sindalah” projects, each representing new economic and cultural opportunities for the Kingdom as well as foreign investors.

Key information

• NEOM is expected to contribute $48 billion to Saudi Arabia's GDP by 2030
• "The Line," the ambitious self-sustaining megacity, is expected to create over 380,000 new job opportunities.
• ​​The NEOM project zone will have a special tax and regulatory framework to enable foreign companies to invest in the megaproject.

Focus Sectors:

• Renewable Energy and Sustainability
• Technology
• Real Estate

Red Sea - Luxury Tourism-focused Giga Project

The Red Sea project is a pioneering luxury global tourism destination on the western coast of the Kingdom. Spanning over 28,000 km, it’s described as “the world’s most ambitious luxury tourism development.”

Created by Red Sea Global, this cornerstone project of Vision 2030 attracts international travelers and investments thanks to its diversity and stunning, varied landscapes that encompass unspoiled islands, sweeping desert, and awesome mountain scenery.

Key information

• The Red Sea project is expected to contribute $4 billion annually to the Kingdom’s GDP
• It’s expected to create over 35,000 jobs for the hospitality, tourism, and culture sectors.
• The project will offer business and investment opportunities for locals as well as foreign businesses.

Focus Sectors:

• Travel and Tourism
• Hospitality
• Entertainment
• Transportation
• Utilities

Qiddiya - Entertainment & Sports-focused Giga Project

Driven by Qiddiya Investment Company, Qiddiya is Saudi Arabia’s Entertainment, Sports, and Arts Capital. At the same time as supporting Vision 2030’s drive for economic diversification, this project aims to give back to Saudi youth.

This leading Giga project in Saudi Arabia is constructed over a 334km2 wide area, compromising five principal zones, including The Resort Core with theme parks, entertainment, and dining establishments, the central Qiddiya Village, the Motion Zone for thrilling motorsports experiences, the Eco Zone for nature and wildlife, and a Golf & Residential Community.

The Qiddiya project offers many opportunities for development in real estate and community services.

Key information

• Qiddiya is expected to become a huge tourist center, attracting not only foreigners but also local tourists, who spend up to $12.53 billion in foreign countries. Qiddiya seeks to capture a significant number of the Kingdom’s 17 million outbound tourists by offering world-class entertainment, culture, and shopping opportunities.
• The Project includes the construction of 4,000 residential units by 2025 and 11,000 by 2030, as vacation houses.
• Qiddiya is expected to contribute up to $4.53 billion to the Kingdom’s GDP by 2030.
• The project will provide 57,000 new jobs.
  

Focus Sectors:

• Sports & Wellness
• Nature & Environment
• Parks & Attractions
• Motion & Mobility
• Arts & Culture

ROSHN - Estate & Community-focused Giga Project

The ROSHN giga project is not only leading the development of modern communities in the Kingdom but also transforming the urban landscape and playing a core role in the government’s goal to achieve 70% home ownership across Saudi by 2030.

ROSHN is expected to build over 400,000 homes and neighborhood facilities by 2030 over geographically distributed areas on 200,000 km2 of land.

Key information

• ROSHN signed eight new contracts worth $2.1 billion to develop new residential units and facilities around the Kingdom.
• ROSHN leadership is particularly welcoming to foreign investors, with ROSHN Group Chief Development Officer Oussama Kabbani inviting foreign developers to explore opportunities to be a part of the giga project as investment opportunities for foreigners are expected to increase in the Kingdom.

Focus Sectors:

• Real Estate
• Construction

Diriyah - Cultural Heritage-focused Giga Project

Diriyah, a UNESCO World Heritage Site, has always been at an intersection of culture and trade throughout ancient history. Diriyah Company continues this tradition by leading the development of the Diriyah giga project.

Diriyah will express the region’s pride, rich heritage, and authentic Saudi identity through a plethora of galleries, cultural attractions, and authentic fine-dining opportunities.

Key information

• Diriyah Gate started as an ambitious $50 billion development project and grew in scope after the Kingdom’s Public Investment Fund (PIF) decided to make it a giga project in Saudi Arabia.
• The project is expected to create 178,000 jobs.
• Diryah’s contribution to the Kingdom’s GDP is expected to be around $18.66 billion.
• The plan oversees the construction of over a hundred restaurants, 38 hotels, and other community facilities.

Focus Sectors:

• Culture
• Tourism

King Salman Park - Urban Development-focused Giga Project

Located in central Riyadh, King Salman Park will be the largest urban park in the world, spanning over 16.7 square kilometers. The project includes a Royal Arts Complex, several Islamic-style mazes and gardens, pathways, and a pavilion.

The project also includes the construction of residential units, hotels, neighborhood facilities, parking, and retail spaces to address growing demands for housing and economic opportunities in the Kingdom’s capital.

Key information

• King Salman Park Real Estate Development Fund is worth $1.07 billion and is developed by the King Salman Park Company and Saudi Fransi Capital.
• The project is a collaboration between the public and private sectors, with Naif Alrajhi Investment overseeing the development of the park’s first real estate land parcel.
• Several Saudi companies have been awarded contracts by the King Salman Park Foundation to work on the various development projects within the park. ($1.03 billion in total.)

Focus Sectors:

• Culture
• Tourism
• Real Estate Development
• Transportation

Jeddah Central - Urban Regeneration-focused Giga Project

Jeddah central project aims to develop the historic port city while staying loyal to its cultural and historical heritage. The project will focus on residential development and cultural rejuvenation, building housing units, hotels, and landmark buildings to increase the life quality of Jeddah residents.

The project oversees the building of 17,000 residential units, in addition to an arts center, stadium, opera house, oceanarium, and waterfront facilities including a marina. Phase 1 of the project is expected to be completed in 2027, after which the area will start serving visitors and residents.

Key information

• The Jeddah Central project has a budget of $20 billion.
• The project is expected to contribute $12.5 billion to the Kingdom’s GDP by 2030.
• Jeddah’s proximity to Makkah and Medina makes it particularly attractive as a tourist destination.

Focus Sectors:

• Real Estate Development
• Tourism

New Murabba - Commercial & Cultural Development-focused Giga Project

The New Murabba project seeks to transform downtown Riyadh by creating a new commercial and cultural zone over 25 million square kilometers. The plans include the construction of 104,000 residential units, in addition to hotels, retail and office spaces, community facilities, and leisure zones, all connected with an internal transport system.

At the heart of the project is the Mukaab, a 400-meter-high, 400-meter-wide, and 400-meter-long cube-shaped structure that will host shops and cultural attractions endowed with digital and virtual technologies offering immersive experiences.

Key information

• The project is expected to add $50 billion to the Kingdom’s economy.
• New Murabba will create 334,000 jobs by 2030.
• While the construction of the project is spearheaded by Saudi companies and workers, the project is expected to attract private and foreign investments in the future.

Focus Sectors:

• Real estate
• Entertainment
  

The Public Investment Fund’s Saudi Downtown Company plans to develop downtown areas in 12 cities across the Kingdom and set up modern, commercial, and residential zones over 10 million square meters.

The company will develop downtown areas in Madinah, Najran, Arar, Baha, Dumat Al Jandal, Jizan, Taif, Tabuk, Khonbar, Hail, Ahsa, and Buraydah.

Saudi Downtown Company signed memorandums of understanding with the Small and Medium Enterprises General Authority (Monsha’at) and the Ministry of Municipal and Rural Affairs and Housing, agreeing to develop architectural design standards and create business opportunities for the SME sector.

Key information

• While the project is still in its infancy, it’s expected to create new opportunities for the private sector, help the Kingdom diversify its sources of revenue, and create infrastructure to empower small and medium-sized enterprises.
  

Focus sectors:

• Commercial, recreational, and residential real estate

Masar Destination - Religious Tourism-focused Giga Project

The Masar destination project focuses on the redevelopment of a commercial zone near the Makkah Grand Mosque. The project is led by private developer Umm Al Qura company.

The company received $6.13 billion for infrastructure investments. The construction of the project’s infrastructure was 92% complete by the end of 2022, and it is expected to be completed by 2035.

Key information

• The Masar destination project is expected to create 16,000 job opportunities in Mekkah.
• The Umm Al Qura received further investments totaling $3.2 billion Saudi Riyals from a diverse group of investors across different sectors.
• The company has recently signed a partnership agreement with the International Hospitality Group to build and operate the Swiss Inn Hotel.
• Umm Al Qura aims to receive $26.6 billion from investors to complete the project and establish Mekkah as a long-term investment destination.

Focus Sectors:

• Commerce and retail real estate
• Hotels and hospitality

AlUla - Cultural Tourism & Heritage-focused Giga Project

The Al’Ula project involves developing the land around the UNESCO World Heritage Site of Al’Ula to make the historic city more attractive to tourists and to increase the quality of life in the region for locals.

The plans include constructing luxury hotels, museums, cultural centers, as well as other facilities to enhance the city’s economic and social well-being.

Thanks to an initial investment of $2 billion, infrastructure development has already started, including expanding the Al’Ula airport to accommodate the project’s goals.

Key information

• The project’s estimated total development value is over $15 billion. $3.2 billion will be used for developing the primary infrastructure of the ancient city.
• The Al’Ula project seeks partners to implement its “Journey Through Time” master plan. There are opportunities for public-private partnerships.
• The project is expected to contribute $32 billion to the Kingdom’s GDP and create over 38,000 jobs.

Focus sectors:

• Travel and tourism
• Real estate

King Abdullah Financial District (KAFD) - Financial & Business-focused Project

This iconic office and residential district features 61 towers and skyscrapers — a vibrant, smart city offering cutting-edge solutions, world-class workspaces, contemporary residences, and unique entertainment.

Only 40% of the 1600 km2 zone has been constructed, and the expansion still continues.

Key information

• KAFD hosts the regional headquarters of international businesses in the Kingdom and is one of the four special economic zones that will introduce special regulations for foreign companies.
• The district will expand over the next year, as KAFD management announced plans to develop 1,000 residential apartments in the next 6 months.
• KAFD receives 10,000 visitors a day on average, but the numbers are expected to reach hundreds of thousands in a couple of years, according to the CEO of KAFD.

Focus Sectors:

• Retail
• Hotels and hospitality
• Food and beverage
• Office and residential real estate
• Entertainment

Mohammed bin Salman Non-profit City (MISK) - Innovation & Education-focused Giga Project

MISK is being established in Riyadh as a business incubator and hub for future generations of entrepreneurs and leaders. The foundation emphasizes personal and business development through diverse programs incorporating business, literature, culture, art, science, and technology

The City is designed to be people-focused and sustainable (44% of the space will be designated to enhance sustainable development), allocating about 99.000 m2 for amenities to serve the expected 18,000 residents.

Key information

• Funded by Mohammed bin Salman’s personal foundation
• Has helped generate more than 500 startups
• In November 2023, the Small and Medium Enterprises General Authority (Monsha’at) and MISC signed a memorandum of understanding to increase business development in the city through new initiatives.

Focus Sectors:

• Science and Technology
• Education
• Startups and Entrepreneurship

SEVEN - Entertainment & Tourism-focused Giga Project

Saudi Entertainment Ventures, known as SEVEN, is a PIF-owned giga project acting as the development and investment arm for the Kingdom’s entertainment sector. Supporting the Kingdom’s economic diversification, it creates significant opportunities for strategic local and international partnerships.

it strives to provide family-oriented entertainment and fun for Saudi’s youthful population via 8 global partnerships and 150+ entertainment zones across 14 cities. Aligned with the Kingdom’s goal to boost travel and tourism, SEVEN’s entertainment destinations are set to welcome over 90 million visitors by 2030.

Key information

• SEVEN started building an $346 million amusement destination in Madinah in collaboration with BUJV, a joint venture by Al Bawani Co and UrbaCon Trading & Contracting.
• SEVEN signed partnership agreements with global entertainment industry leaders including Hasbro, Warner Bros. Discovery, Mattel, and Clip ‘n Climb, to create unique attractions with integrated brand content.
• SEVEN is expected to invest over $13 billion to create 21 entertainment destinations

Focus Sectors:

• Entertainment
• Hospitality
• Travel and Tourism