Skip to content Skip to Search
Skip navigation

Saudi Arabia signs off $6.6bn funding for infrastructure projects

Creative Commons
The Ministry of Finance said that the infrastructure projects in the Kingdom are scheduled to start in 2023 and 2024.

Saudi Arabia’s Ministry of Finance has signed financing agreements with several local banks worth SAR 25 billion ($6.6 billion) to implement infrastructure projects

The National Debt Management Center arranged the agreements, the ministry said in a statement.

The infrastructure projects are scheduled to start in 2023 and 2024.

In August, Saad Al-Shahrani, acting deputy minister for investment promotion in the Ministry of Investment, said that the kingdom has passed over 600 economic reforms designed to attract SAR 12.4 trillion of cumulative investment and SAR 1.8 trillion in foreign direct investment inflows between 2021 and 2030.

Saudi Arabia was last week described as the biggest construction site the world has ever seen as projects valued at over $1.1 trillion are underway in the kingdom.

That’s the total value of real estate and infrastructure projects since the launch of Saudi Arabia’s National Transformation Plan in 2016, according to global real estate consultancy Knight Frank.

Faisal Durrani, partner – head of Middle East Research said: “A bold new vision is unfolding in Saudi Arabia. The phenomenal transformation taking place in the world’s fastest growing economy is clearly visible across the entire urban landscape.

“With over 555,000 residential units, more than 275,000 hotel keys, in excess of 4.3 million sq m of retail space and over 6.1 million sq m of new office space expected by 2030, the planned construction in the kingdom will easily make Saudi Arabia the largest construction site the world has ever known.”

Latest articles

Haitham Al Ghais, secretary general of Opec. The organisation has extended its voluntary output cuts, led by Russia and Saudi Arabia

Opec extends voluntary cuts to support oil market stability

Opec+ producers led by Saudi Arabia and Russia have stretched their additional voluntary crude supply cuts for another three months, as the oil bloc strives to support the stability and balance of sluggish markets. Oil prices traded flat Monday morning after a slight spike following the Opec announcement. Brent crude traded around $83.50 per barrel. […]

Aviation IT Shop, Shopping Mall, Person Dubai Airports already uses biometric technology and is preparing to launch a Smart Corridor to speed up boarding procedures airport aviation IT airports airlines investment

Aviation spends billions on IT to improve experience

The aviation sector invested billions into IT in 2023, as companies sought to improve passenger experience, according to a new industry report. Global airports increased their IT spending by 23 percent year on year to almost $11 billion last year, while airlines upped spending by 15 percent to $34 billion, according to the 2023 Air […]

Sellers at the fish market in Jizan, Saudi Arabia. The kingdom brought in regulations in 2021 to curb overfishing

Saudi Arabia and UAE back fishing subsidies ban

The UAE and Saudi Arabia were the only GCC countries to back a failed bid by the World Trade Organization (WTO) to curb subsidies that contribute to overfishing and wider fishing sector overcapacity. It had been hoped that the Agreement on Fisheries Subsidies (AFS), which, according to WTO director-general Ngozi Okonjo-Iweala, has “been on the […]

Tourists in front of the Jabal Al-Mawaqi rock art in Saudi Arabia

PIF and Seera fail to reach agreement on investment

Saudi travel major Seera Group Holding has terminated plans for the Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, to invest in its subsidiary, Almosafer Travel and Tourism Company. The termination comes after the two companies failed to reach an agreement, Seera said in a statement to the Saudi bourse. The statement clarified that […]