Giga-projects Full steam ahead on ‘largest urban park in the world’ By Andrew Hammond July 19, 2024, 3:49 AM King Salman Park Saudi project progressing King Salman Park underway Valued at $9.4bn Saudi Arabia is forging ahead with construction of what it calls the “largest urban park in the world”, publishing videos of its first buildings under construction after a tunnel opened earlier this year. King Salman Park in Riyadh is owned by the Public Investment Fund and was recently valued by real estate consultancy Knight Frank at $9.4 billion. Analysts’ estimates on work commissioned so far range from $5 billion to $8.8 billion. NewsletterGet the Best of AGBI delivered straight to your inbox every week Saudi Arabia’s giga-projects – valued collectively at more than $1.25 trillion – have run into trouble as oil prices lag behind a budget breakeven price of around $96 per barrel, leading to speculation about which projects could be delayed or even cancelled. But the government is putting a priority on the capital Riyadh as the location of the 2030 World Expo, ahead of the country hosting the 2034 World Cup. Other major projects in Riyadh include historical district Diriyah, valued at $63 billion; sports and entertainment city Qiddiya, valued at $9.8 billion; and downtown New Murabba, valued at $50 billion. No public announcements have been made about the Salman Park project since 2022, but last month footage was released of a near-complete arts complex. Once finished, a visitors' pavilion will offer views over the 16.7sq km site. Nobody responded to AGBI requests for comment. King Salman ParkThe design for the park features 1 million trees and a 7km circular walkway called The Loop The park's design features valleys with 1 million trees and a microclimate achieved by rivers and water jets, and is surrounded by a 7km circular walkway called The Loop. Videos on the Royal Commission for Riyadh City’s website describe the park as five times bigger than New York’s Central Park, and bigger than Berlin’s Tiergarten and Dublin’s Phoenix Park. The masterplan was designed by Saudi architects Omrania and Denmark’s Henning Larsen, and includes a national theatre, at least five museums, a golf course and a residential district. There has been no word on designers for different buildings. Consolidating giga-projects pushes PIF into profit Saudi football spending tipped to tumble as economy falters Neom offers financial guarantees to lure private investors A 2,430m six-lane tunnel running underneath the entire length of the park was opened to the public in February. No final deadline has been given but the project has gone beyond an initial publicised target date of 2024. Knight Frank cited a new target of 2027 but none of the green spaces have been laid out yet. The project aligns with government policy to improve the health of a population that is rife with obesity and diabetes by encouraging physical exercise. The Vision 2030 plan, issued in 2016, outlines ambitions to “increase the ratio of individuals exercising at least once a week from 13 percent of population to 40 percent” and “increase the average life expectancy from 74 years to 80 years”. Salman Park was rated third highest in a recent survey of expatriates in Saudi Arabia when asked about which giga-project they would most like to buy a home to live in. It was also ranked the second most well-known of the giga-projects among expatriates after Neom.
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