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Giga-projects

Saudi Arabia giga-projects news covering Neom, AlUla, Roshn, Amaala, Red Sea Global, Diriyah, Qiddiya, Expo 2030 and more.

An artist's impression of Saudi giga-project The Rig, a floating entertainment centre off the kingdom's east coast

Adventure giga-project The Rig ‘definitely happening’

One of Saudi Arabia’s most headline-grabbing giga-projects is moving ahead with plans for two floating entertainment centres on offshore platforms off the kingdom’s east coast.  Many thought the exotic adventure tourism project known as The Rig would be canned as the Public Investment Fund (PIF) reviews its $1.25 trillion portfolio of giga-projects.  Insiders remain confident […]

Saudi Arabia's minister of economy and planning Faisal Alibrahim

Saudi Arabia GDP contracts but non-oil growth rises

Saudi Arabia’s economy contracted by 1.7 percent year on year in the first quarter of 2024 due to ongoing oil production cuts, but non-oil growth was up 3.4 percent in the same period, according to adjusted figures released this week.   Last week Opec+ agreed to extend its existing crude output cuts into 2025 in a […]

Aquarabia, the first water park in Saudi Arabia and the largest in the Middle East, is scheduled to open in 2025

Saudi startup signed up to develop aquapark projects

Saudi Arabia’s Ministry of Investment has signed an agreement with startup Nowaar Entertainment to develop a series of aquaparks.  The first aquapark will be operational in Riyadh in 2025, the ministry said on X, formerly Twitter.  Nowaar will “develop a number of entertainment and water cities in the kingdom”, in cooperation with the General Entertainment […]

Nature, Outdoors, Water Neom says its coastal resorts will set a 'new global standard in luxury sustainable tourism' A diver enjoys the underwater beauty of Neom, which says its coastal resorts will set a 'new global standard in luxury sustainable tourism'

Neom brands its 12 Red Sea resorts as ‘Magna’

Saudi Arabian giga-project Neom said this week that 12 Red Sea coastal resorts for the ultra-rich that it has rolled out over the past year would be branded collectively under the name Magna.  Last month Neom announced its twelfth project, Jaumur, the latest in a series of separate announcements of futuristic resorts inside Neom, an […]

Saudi giga-project Neom recently hosted representatives from 52 financial institutions to showcase investment opportunities and 'explore potential strategic partnerships'

Saudi review says 87% of Vision 2030 projects ‘on right track’

Saudi Arabia’s top economic body discussed the progress of the kingdom’s Vision 2030 plan this week, citing a recent government report that 87 percent of its projects are “on the right track”. The Council of Economic and Development Affairs, which is headed by Crown Prince Mohammed bin Salman, convened on May 28 in a meeting […]

PIF space unit

PIF launches space unit, despite Saudi funding constraints

Saudi Arabia’s Public Investment Fund has launched a space unit to develop off-planet commercial activities, despite challenges the sovereign wealth fund faces funding Saudi Arabia’s giga-projects.  The PIF-owned Neo Space Group will invest in satellite navigation and communications, Earth observation and remote sensing. It will also include a venture capital fund to help Saudi startups […]

Workers at a Riyadh construction site. The Tonomus competition aims to find innovation in the sector

Saudi Arabia races to find technologies for futuristic cities

Saudi Arabia is urgently seeking new technologies for its construction and real estate sectors as it races to make good on its pledge to build futuristic multi-billion-dollar cities. Tonomus, a subsidiary of crown prince Mohammed bin Salman’s $500 billion signature Neom development, has joined forces with the Public Investment Fund to launch a competition offering […]

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

An extension of Diriyah's Bujairi Terrace, a popular nightspot, will open in November

Diriyah giga-project to open first hotel in November

Diriyah, one of Saudi Arabia’s leading giga-projects, will finally open its first hotel in November along with other attractions and sites, its CEO said this week.  “This November we’ll open another few kilometres of parks, we’ll open our first Bab Samhan hotel, we’ll open our first museum which is the Diriyah Art Futures Museum, we’ll […]

Tourists visit the tombs of the Nabatean civilisation in AlUla. Saudi Arabia's goal is for tourism to make up 10 percent of GDP by 2030

Affluent tourists around the globe on Saudi Arabia’s radar

Saudi Arabia will invest more than $800 billion in its main giga-projects by the next decade as part of a tourism expansion strategy focused on affluent tourists in China, India and Europe.  The kingdom’s tourism minister Ahmed Al-Khateeb, speaking at the Qatar Investment Forum, said: “We’re building and investing in major destinations like Neom, Red […]

Qiddiya's launch celebration. The leisure city is to absorb the enterainment company Seven

PIF merges companies in sign of giga-project shake-up

The Saudi sports and leisure city Qiddiya said on Tuesday it would absorb the entertainment company Seven. It is the first sign of a possible shake-up of Public Investment Fund giga-projects as they struggle to meet deadlines amid rising costs and budget deficits.  Doubts have arisen about the future of some of the projects after […]

Jaumur Neom resort gulf of Aqaba

Neom announces superyacht resort on Gulf of Aqaba

Plans to build a high-end resort town on the Gulf of Aqaba aimed at the luxury yacht community have been announced by Neom, despite rising doubts about Saudi Arabia’s ability to maintain funding lines for the country’s giga-projects.  The new project, Jaumur, was described by Neom as an “exclusive residential community set around an inspiring […]

A pilgrim prays during a visit to Mount Al-Noor in the holy city of Mecca. Saudi Arabia is building an additional 320,000 hotel rooms by 2030

Pilgrims remain bedrock of Saudi tourism plans

Saudi tourism is to undergo a massive expansion with religious travellers remaining its bedrock – but some hotel operators are wary of an overheated market. The kingdom is aiming to bring in 150 million visitors per year by 2030, with tourism accounting for 10 percent of non-oil GDP, playing a key role in its economic […]

An artist's impression of the surf lagoon being built at Aquarabia in Qiddiya, Saudi Arabia

Largest water park in Middle East to open in Qiddiya next year

The largest water theme park in the Middle East is on target to open in the city of Qiddiya next year, its developer has announced. Aquarabia, the first water park in Saudi Arabia, will have four record holders among its 22 rides, including the world’s tallest “water coaster” and tallest water slide. It will also […]

Neom credit Video length: 07:03

Neom secures $2.7bn as minister admits ‘adjustments’

Saudi Arabia’s $500 billion giga-project Neom has secured new funding as the kingdom’s officials admit some of its Vision 2030 projects may have to be scaled back. The SAR10 billion ($2.7 billion) revolving credit facility, obtained from nine Saudi-listed banks, will support short-term financing requirements for projects such as Trojena, The Line, and Oxagon, Neom said […]

Diriyah Gate encompasses the Al-Turaif Unesco World Heritage Site

Saudi giga-project Diriyah Gate targets 2027 completion

Diriyah Gate, one of the first Saudi giga-projects, said this week that it was on target for completion by late 2027. The opening of the project’s first hotel is now rescheduled for later this year.  “We’re looking forward to the conclusion of our project, probably toward the end of 2027,” said Andrew Tonnor, Diriyah Gate’s […]

Sedra will be developed in eight phases, adding more than 30,000 residential units to Riyadh’s housing stock

Roshn awards $57m contract for Riyadh villa community

The Saudi giga-project Roshn has signed a deal worth more than SAR215 million ($57 million) with Dar Al Arkan, a local developer, for a villa community in Riyadh. The two companies signed an agreement allowing Dar Al Arkan to acquire and develop residential villas in the first phase of Sedra. The 35 million sq m […]

More than 100 developers recently visited the key developments across Saudi Arabia's Neom giga-project

Neom increases workforce to get vision over the line

The pace of construction on Saudi Arabia’s $500 billion giga-project Neom is to accelerate, with the workforce rising by almost half by next year. The number of people employed in construction will increase from more than 140,000 to more than 200,000 in 2025, the developer said in a statement, after reports of construction workers being […]

An artist's impression of part of the Diriyah Square development

Diriyah Square planned for historic Riyadh district

A public space featuring 400 retail outlets and 100 restaurants and cafes is planned for the historic Riyadh district of Diriyah. Diriyah Square will be announced next week at the World Retail Congress in Paris and aims to attract a combination of international retail brands and local artisans.  Diriyah Gate Development Authority group CEO Jerry […]

The Saudi Contractors Authority put the total value of ongoing projects in the kingdom at $1.5 trillion by the end of October 2023

Mena steel demand to rise over next two years

Steel demand in the Middle East and North Africa (Mena) region is expected to accelerate in 2024 and 2025 after a significant slowdown in the past two years, the World Steel Association (WSA) said in a report. Demand is forecast to rise by just over 4 percent and 2.6 percent year on year to 57 […]