Construction London architect HKS to design Diriyah’s 20,000-seat Arena Saudi Arabia has hired a London-based architecture practice to design a sports and entertainment venue in Riyadh’s historic district of Diriyah, close to the site where a landmark opera house will be built. “The architecture rises from the landscape as a series of monoliths, evoking local geological formations and alluding to ancient Nadji forts and […] March 13, 2024
Video length: 06:07 Analysis Giga-projects Big events take priority for stretched Saudi builders There will be delays in delivering Saudi Arabia’s massive construction pipeline in time for 2030, but projects directly linked to specific international events such as the Asian Winter Games in 2029 will take priority, industry players told AGBI at the Big5 conference in Riyadh last week. About $1 trillion in giga-projects are under way across […] March 7, 2024
Giga-projects Neom plans golf community on Gulf of Aqaba Saudi Arabia’s $500 billion giga-city Neom has revealed plans for Gidori, a residential golf community on the coastal hills of the Gulf of Aqaba. Gidori will house luxury hospitality, premium residences and a range of sports and leisure amenities designed using the area’s natural landscape. The centrepiece will be a cantilevered beachfront complex. The tower […] March 7, 2024
Business of Sport Qiddiya’s new racetrack bids for world motorsports crown Saudi giga-project Qiddiya will host a new racetrack in an attempt to become one of the world’s top motorsport venues. Located in Qiddiya city, the speed park track is slated to host the world’s most prestigious racing events, Qiddiya Investment Company, the project developer, said in a statement. Designed by Austrian former Formula One driver […] March 6, 2024
Analysis Economy Volatility of crude markets masks Saudi non-oil momentum Volatility in global oil markets, which led to Saudi Arabia’s GDP shrinking last year, is masking the strength of the kingdom’s non-oil economy, analysts have said. Its non-oil revenue is forecast to rise by more than 5 percent in each of the next two years, according to Jadwa Investment. The 2023 contraction was driven by […] March 5, 2024
Analysis Construction Foreign expertise vital for Saudi construction Saudi Arabia’s construction industry needs more foreign involvement if achieving its Vision 2030 goals is to become a reality, according to attendees of the Big 5 conference in Riyadh. In the first half of 2023 alone $44 billion worth of new projects were awarded in the kingdom’s $140 billion construction sector, according to real estate […] February 29, 2024
Analysis Construction Localisation shields Saudi builders from Red Sea crisis Houthi attacks in the Red Sea may have been disrupting the construction supply chain into Saudi Arabia but companies, in particular larger ones, are adapting to the challenge. Since November, the Yemeni militia has launched dozens of attacks on commercial vessels on their way to or from the Suez Canal, forcing many global shippers to […] February 28, 2024
Construction ADQ to invest $35bn in Egypt’s ‘new city’ project UAE’s ADQ has unveiled plans to invest $35 billion to build the “largest new city” in Egypt to promote tourism and drive economic growth. The Abu Dhabi state-owned company will acquire the development rights for Ras El-Hekma for $24 billion to develop the region as a Mediterranean holiday destination, including a free zone, state-run WAM […] February 25, 2024
Giga-projects Neom announces ‘ultra-modern’ wellness resort Saudi Arabia’s mega-city Neom has announced plans for another wellness resort on the Gulf of Aqaba. The new site, Elanan, will be a wellness resort with architecture that uses “ultra-modern design techniques to form intricate sculptures that merge with the surrounding natural beauty,” Neom said on its website. The website shows images of a futuristic-looking […] February 22, 2024
Logistics Expansion of Jeddah Islamic Port complete The Saudi ports authority said this week it had completed a SAR1 billion ($270 million) expansion of Jeddah Islamic Port as tensions in the Red Sea continue. The project to deepen and expand the northern container terminal in Jeddah, to be operated by the Red Sea Gateway Terminal (RSGT) company, more than doubles capacity from 700,000 […] February 16, 2024
Giga-projects Neom opens for business in US with New York office Saudi Arabian giga-project Neom has opened an office in New York in a move designed to attract investment from the US for its green industries. Neom said in a statement on February 6 that the Manhattan office would facilitate its business across the US, citing “industries, corporations, and investors” who could help in the development […] February 16, 2024
Trade Hundreds of companies consider Saudi Arabia A survey of 660 companies described as high-growth and from more than 50 countries around the world found more than two thirds were considering expanding into Saudi Arabia. Of the 450 across 37 sectors looking to move into the kingdom, half of them plan on doing so within the next six months. Ease of doing […] February 14, 2024
Giga-projects Neom announces exclusive beach club Xaynor Saudi Arabia’s mega-city Neom has launched its latest development – Xaynor, an exclusive private beach club on the Gulf of Aqaba for “the most fascinating people in the world”. Xaynor will be a “discreet destination where club members can unwind on the Gulf of Aqaba’s beautiful unspoiled coastline”, Neom said in an announcement. Neom has […] February 13, 2024
Giga-projects Red Sea Global secures $522m for Four Seasons Resort Saudi giga-project developer Red Sea Global (RSG) has secured SAR2 billion ($522 million) from Riyad Bank for its latest tourism project in the Red Sea development. The financing will be used to develop Four Seasons Resort, part of a joint venture between RSG and Kingdom Holding Company, which was incorporated in December 2023. The Four […] February 12, 2024
Giga-projects Abu Dhabi close to $22bn development project in Egypt Abu Dhabi is in advanced talks with the Egyptian government to buy and develop premium land on Egypt’s Mediterranean coast in a potential multi-billion-dollar deal, according to a media report. A UAE consortium has been selected to work with local partners to develop Ras El-Hekma, an area 350 km northwest of Cairo, Bloomberg reported, citing […] February 9, 2024
Analysis Industry Gulf steel has a keen edge on Chinese and Indian rivals While the Gulf is currently a minor player on the global steel-making stage, economic diversification and the energy transition may be about to change all that. As the world seeks to decarbonise, Gulf steel makers have a head start, already producing lower-carbon steel than global sector leaders China and India. The region’s ample supplies of […] February 7, 2024
Giga-projects Jeddah Central signs contracts for major landmarks Jeddah Central, the developer of one of Saudi Arabia’s giga-projects, signed four construction contracts this week for a set of major landmarks. According to the state-run Saudi Press Agency, Jeddah Central’s CEO Ahmed bin Abdulaziz Al-Saleem signed the contracts to construct a sports stadium, an oceanarium, an opera house and infrastructure work in the Red […] February 6, 2024
Giga-projects Head of AlUla commission arrested over corruption Saudi Arabia has arrested the head of the Royal Commission for AlUla over corruption, one of the most notable arrests since the government launched a crackdown in 2017. The Oversight and Anti-Corruption Authority, known as Nazaha, said on X (formerly Twitter) that it had detained AlUla’s CEO Amr bin Saleh bin Abdelrahman Al-Madani for “abuse […] January 29, 2024
Construction Neom reveals Zardun: a luxury eco-resort Neom, the smart city being developed in the north west of Saudi Arabia, has announced another luxury ecotourism resort on the Gulf of Aqaba, called Zardun. Neom has rolled out plans for a range of luxury resorts in recent months. These include Aquellum, with a floating marina; a tower complex called Epicon; the mountain hotel […] January 25, 2024
Aviation Saudi will top Gulf business travel chart, says Wego boss Business travel to and from Saudi Arabia is expected to surpass neighbouring UAE, according to the CEO and co-founder of online travel marketplace Wego. As of the start of this month, foreign companies hoping to gain access to billions of dollars worth of government contracts must have their regional headquarters in Riyadh. The regional HQ […] January 25, 2024
Construction Seven plans entertainment sites in remote parts of Saudi Arabia Saudi giga-project developer Seven says it will open the first of 21 destinations next year as part of its mandate to build entertainment complexes in remote corners of the country. It plans to roll them out over the next six years. Damien Latham, chief attraction officer at the Public Investment Fund subsidiary, said Seven had […] January 25, 2024
EXCLUSIVE Giga-projects Saudi’s Qiddiya to open first sites next year as plans grow Saudi Arabia’s mega sports and entertainment city Qiddiya is adding more hotel space and attractions to its masterplan to accommodate Riyadh’s projected population growth, a senior official said this week. Riyadh’s population is forecast to grow to 15 million by 2030. The city was chosen last year as the location for Expo 2030. Qiddiya, southwest […] January 23, 2024
