Since the implementation of the National Transformation Program in Saudi Arabia in 2016, the total cost of infrastructure and construction projects has crossed the $1.1 trillion mark.
This report has been released by Knight Frank Real Estate Consultancy on the occasion of the Saudi Infrastructure Summit which started in Riyadh on Tuesday.
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New offices are being set up on an area of more than 60 lakh square meters. The projects will be completed by 2030. Thanks to them, Saudi Arabia has become the largest center for construction projects in the world.
Health care, education and welfare projects are also underway in the kingdom, more than 19,000 beds are being prepared for hospitals under health projects. They are costing 14 billion dollars.
Neom is the biggest of the projects to come out so far. Half a trillion dollars are being invested in it. According to the program, ninety lakh people will live in the city after the completion of New City. Three lakh new houses will be built here.
Contracts for sub-projects worth $7.5 billion have been awarded in Neom. 29% work has been done.
Other sub-cities such as The OXagon, Trojena, The Line are also being built under the Neom project. It will introduce new standards of good living across the region.
According to KnightRank, 30 percent of homeowners in Saudi Arabia are willing to spend more than $800,000 to acquire a second home.
A large-scale construction and development work is going on in Riyadh, the capital of Saudi Arabia. The capital's population is expected to grow by more than 120 percent to 17 million by 2030. Construction projects costing 104 billion dollars have been completed in Riyadh during the last 6 years.
200 billion dollars have been invested in infrastructure projects. The heaviest investment has been in the new Riyadh Airport. About 147 billion dollars have been spent on it. The Riyadh metro project is also very important, it has cost around 25 billion dollars.
