Saudi Arabia - The value of Saudi Giga projects contract awards has risen sharply to $196 billion this year, up 20% from 2024, underscoring the pace at which projects are moving into execution phase, said a Knight Frank report.

Knight Frank’s fourth annual Saudi Arabia Giga Projects Report reveals the rapid pace at which Saudi Arabia’s giga projects are transitioning from vision to reality. 

From new cities and major infrastructure projects to world-class sports venues and luxury tourism destinations, the multi-trillion-dollar programme set out under the government’s Vision 2030 plan is delivering unprecedented national economic transformation.

Riyadh is at the heart of the Kingdom’s transformation and is leading Saudi Arabia’s giga project agenda, with landmark developments such as Diriyah Gate, King Salman Park and the 220km Sports Boulevard redefining the city’s urban fabric. Collectively, these projects aim to position Riyadh as a global city, blending culture, lifestyle and leisure with economic dynamism.

Diriyah is the 15th century birthplace of the First Saudi State, so it is perhaps fitting that Diriyah Gate is among the most advanced giga project developments in the Kingdom, showcasing Saudi Arabia's cultural legacy while driving tourism growth. The $63 billion project is transforming Diriyah into a world-class heritage destination that merges historic Najdi architecture with modern luxury.

Centred around the At-Turaif UNESCO world heritage site, the total value of commissioned projects to date stands at $14.5 billion, with a further $45.6 billion in the pipeline. $5.9 billion worth of contracts were awarded in 2024, with an additional $3.7 billion awarded in the first eight months of 2025.

Faisal Durrani, Partner – Head of Research, MENA at Knight Frank, said: “Riyadh has firmly established itself as Saudi Arabia’s new economic powerhouse, accounting for 63% of all new jobs created in the Kingdom since 2019. Projects worth more than $237 billion have been announced across real estate, infrastructure and transportation sectors since 2016, with $44 billion already awarded in construction contracts. These investments will support projected growth in the city’s population from 7 million in 2022 to 10.1 million by 2030 with more than 340,000 homes, 4.8 million sq m of offices, 3 million sq m of retail and close to 30,000 new hotel rooms. This is one of the world’s most ambitious urban growth stories and the scale of development not only elevates Riyadh’s liveability, but underlines its evolution into a world-class hub for business, tourism and global talent.”

REDEFINING WESTERN SAUDI ARABIA

Western Saudi Arabia is emerging as a centrepiece of Vision 2030, according to Knight Frank, with giga projects such as NEOM – a new city the size of Belgium – The Red Sea and Qiddiya Coast redefining the region through futuristic development, protected natural landscapes and luxury tourism destinations.

In total, 17 giga projects are underway along the western seaboard, with $431.3 billion of investment announced since 2016, $57 billion of contracts already awarded and $187.2 billion in the pipeline.

By 2030, these initiatives will contribute to the completion of more than 382,500 new homes, 3 million+ sq m of offices, 4.3 million+ sq m of retail space and 330,000+ hotel rooms, redefining the region as a vibrant and globally competitive destination, the report said.

To date, construction contracts worth $24 billion have been awarded for NEOM and its sub-projects. These include $470 million for Magna, $3.31 billion for Trojena – covering the construction of the world’s largest man-made lake, stretching 2.8 km – $8.9 billion for The Line and $9.3bn for Oxagon.

A NATIONAL VISION

While Riyadh and the Western corridor have attracted much of the spotlight, giga projects across other regions and at the national level represent $132.3 billion in investment, driving economic diversification beyond the main hubs while improving quality of life through new housing, jobs and infrastructure.

These areas are becoming increasingly crucial to Saudi Arabia’s future as their varied geographies create a strong foundation for new tourism and infrastructure development.

Knight Frank is tracking $31.4 billion in commissioned projects and another $85.3 billion in the pipeline. These planned investments extend across the Saudi heartland while including significant allocations in traditional hubs.

Harmen De Jong, Regional Partner – Head of Consulting, MENA, said: “Outside the major centres, projects are also enhancing liveability and integration, from developing Aseer and its Soudah Mountains to boost domestic tourism, to revitalising downtown districts through the Downtown Company. At the same time, the National Housing Company is raising living standards through the delivery of large-scale public housing initiatives, while ROSHN, backed by the Public Investment Fund, is building master planned communities that expand homeownership and introduce new urban lifestyles across the Kingdom.”

PREMIER SPORTS AND LEISURE DESTINATION

Knight Frank’s report also highlights how Saudi Arabia’s giga projects’ agenda extends well beyond residential and commercial developments, with sports infrastructure emerging as a central pillar of the government’s Vision 2030.

De Jong continued: “By 2032, more than a dozen stadiums are set for expansion, upgrades, or entirely new construction, with project values totalling around $17.5 billion. Collectively, these investments will reinforce the Kingdom’s capacity to host global tournaments such as the 2027 AFC Asian cup and the 2034 FIFA World Cup, while also serving as multi-purpose venues integrated within urban entertainment and cultural districts.”

Alongside this, Saudi Entertainment Ventures (SEVEN), a subsidiary of the Public Investment Fund, is spearheading a nationwide roll out of world-class entertainment destinations with a total investment exceeding $4.7 billion.

With more than 570,000 sq m of retail space in the pipeline, SEVEN aims to transform Saudi Arabia’s leisure landscape, supporting Vision 2030’s Quality of Life programme and positioning the Kingdom as a regional hub for entertainment and tourism. Spanning cities including Riyadh, Jeddah, Makkah, Madinah, Dammam and Abha, these projects will deliver state-of-the-art cinemas, theme parks, family entertainment centres and retail experiences in integrated lifestyle hubs.

Amar Hussain, Associate Partner – Research, MENA at Knight Frank, said: “Saudi Arabia’s strong pipeline of stadium and entertainment destination projects reflects not only the government’s ambition to host world-class sporting events and attract international visitors but also its strategy to diversify the economy and improve quality of life. New retail lifestyle destinations, for instance, are already attracting leading global brands, and by blending global concepts with local culture. These projects are enhancing community engagement and creating new opportunities for investment and job creation across the Kingdom.” 

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