The Saudi government has started several mega projects, which are well underway around the country to attract tourists, brokerage firm GIB Capital said in a report.
Favourable oil prices have recently boosted governments’ expenditure on these mega projects.
“Most importantly, there will be residential complexes within and around these projects, likely to increase real estate activities in the Kingdom,” the report stated.
Some of the mega projects that will have residential complexes are:
Qiddiya: The project will become a prominent cultural landmark with 4,000 residential units by 2025 and 11,000 units by 2030.
King Salman Park: The scheme will have residential compounds offering 12,000 housing units.
Al Fursan: The residential suburb in northeast Riyadh will have 50,000 residential units.
Khuzam Suburb: The project’s second phase will have 30,000 residential dwellings.
New Murabba: The Riyadh downtown project is likely to house 104,000 residential units.
Diriyah Gate: The project in Riyadh will include 20,000 residential units by 2027.
ROSHN: The Public Investment Fund is investing in developing affordable real estate complexes across the kingdom through ROSHN, which will build 150 million square metres of new residential areas in nine cities.
(Writing by D Madhura; Editing by Anoop Menon)