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Saudi Arabia Vision 2030

The Line at Neom

Saudi Arabia strives to counter giga-project doubts

As Saudi Arabia ramps up its global tour to attract more giga-project investment, doubts have begun to set in over costs and whether they will meet the imminent 2030 deadline. The kingdom’s officials put on a big show at an international real estate event in Cannes in March and this week Neom kicked off the […]

A solar plant in Uyayna, north of Riyadh. Solar power will contribute to Saudi Arabia's 2030 renewable goal

Renewables target for 2030 in sight for Saudi Arabia

Saudi Arabia will expand its renewable energy output sixfold by 2030 if it continues at its current pace, a survey found this week. But it will need to add 20GW of capacity annually if it is to reach an ambitious government target laid out last year. In December the government set a new target of […]

The Saudi government is trying to raise home ownership among nationals to 70 percent of the population by 2030, which is helping to drive up residential property prices

Residential price rise counters slip in Saudi commercial property

Residential property was the driving force behind a rise in Saudi Arabian real estate prices in the first quarter of 2024 as prices of commercial real estate fell, government statistics released this week showed.  The overall real estate price index rose by 0.6 percent compared with the same quarter in 2023. But while there was […]

Robots on the production line of an EV factory in Guangzhou, China. Saudi Arabia has yet to open its first EV manufacturing facility

EV imports rise in Saudi Arabia, but only to 779 cars

Saudi imports of electric vehicles rose sharply in 2023 – but to a total of just 779 EVs, despite government hopes that it can become a green economy leader through the manufacture and use of electric cars. The kingdom imported only 210 EVs in 2022, showing the mountain it has to climb to realise ambitions […]

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 […]

Travelers at Beijing Daxing International Airport. China Southern Airlines (CZ) is making its debut in Saudi Arabia

Saudi Arabia and China strengthen ties with extra flights

Saudi Arabia is strengthening its ties with China with the launch of new passenger and cargo flights between the two countries. Beginning on April 16, China Southern Airlines (CZ) will operate four commercial passenger flights and three cargo flights connecting Beijing Daxing and Riyadh, according to a report on the Saudi Press Agency website. This […]

Of potential buyers interested in living in the giga-project Neom, 42 percent said they would favour The Line

Neom and Jeddah offer appeal to expat buyers

Many expatriates in Saudi Arabia are interested in buying property in Neom and Jeddah Central and willing to spend over $1 million, a real estate survey showed this week. “When asked about which giga-project they would most like to buy a home to live in, Neom emerges as the clear favourite, followed by Jeddah Central […]

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Saudi giga-project designs to merge tradition and futurism

Saudi Arabia wants to ensure that the futurism of its giga-projects does not smother the diversity of its local architecture, according to the head of the government’s Architecture and Design Commission.  One of the most striking features of the kingdom’s transformation plan launched in 2016 has been its design – from otherworldly resorts planned for […]

A 10-metre sculpture of Shenron at an exhibition. In Qiddia, the Dragon Ball character will form a 70 m high roller coaster Video length: 06:07

Qiddiya to host Dragon Ball theme park

Qiddiya, the Saudi Arabian entertainment city, plans to build a theme park based on the blockbuster Dragon Ball anime series.  The Japanese franchise owner said on March 22 that the 500,000 square metre site would recreate locations from the original print and television cartoon series such as Kame House, Capsule Corporation and Beerus’s Planet, and […]

Treyam Neom bridge resort

Neom unveils bridge resort with world’s longest infinity pool

Saudi Arabia’s main giga-project, Neom, has announced another luxury tourism project, called Treyam, a 450-metre bridge over a lagoon in the Gulf of Aqaba featuring the world’s longest infinity pool and a hotel with glass floors.   Publicity material released on March 21 shows the infinity pool along the length of a bridge over two sides […]

Eurasian Resources Group is testing its Nomad mining robot – based on Mars rover tech – in Saudi Arabia

Demand for Saudi mining licences rises sharply

Incentives and legislation are fuelling growth in Saudi Arabia’s mining industry as the government seeks to stimulate investment under Vision 2030. The Ministry of Industry and Mineral Resources said demand for Saudi mining licences had surged since a mining investment law came into force in 2021. The number of building material quarry licences jumped to […]

An artist's impression of the stainless steel villas at Shebara, Red Sea Global's latest luxury resort

Red Sea Global says first hotels are open

Red Sea Global, one of Saudi Arabia’s main giga-projects, said this week it has opened two hotels.  Ben Edwards, group head of cost, commercial and procurement, said in a conference call on March 20 that Six Senses and St. Regis hotels had opened at the Red Sea Global site south of the remote town of […]

Adult, Female, Person

Work underway on cube at centre of New Murabba giga-project

The company building New Murabba, one of Saudi Arabia’s biggest giga-projects, said this week that construction was underway on the development’s centrepiece: a cubic structure being marketed as “large enough to hold 20 Empire State Buildings”.  The New Murabba Development Company, which is owned by the Saudi Public Investment Fund, is charged with creating a […]

An Al Rajhi Bank branch at Medina airport. Al Rajhi and Saudi National Bank are the kingdom's largest lenders by assets

Liquidity strain set to push Saudi banks to seek more funds

Saudi Arabian banks’ loan books are set to expand faster than their deposits again in 2024, raising costs and pushing lenders to seek additional funding sources. However, the kingdom’s banks are expected to increase their annual profits this year as government-led infrastructure projects and likely cuts to benchmark interest rates boost margins for its two […]

Almarai will invest SAR5 blllion to expand existing categories such as bakery, dairy and juices

Almarai’s $4.8bn push to advance Saudi food security

Almarai, the Middle East’s largest dairy farm, will spend more than SAR18 billion ($4.8 billion) under its new five-year strategic plan to achieve food security, which is part of the kingdom’s Vision 2030 goal. “Investment in the food industry contributes to achieving food security in the kingdom and the region,” the company said in a […]

Selfridges

Saudi PIF ‘interested’ in buying stake in UK Selfridges

Saudi Arabia’s Public Investment Fund (PIF) is looking to buy a stake in British luxury department store Selfridges after the collapse of one of its owners, as it seeks ways to improve funding flows to Saudi giga-projects.  Austrian company Signa faces insolvency, opening up its 50 percent share in Selfridges to acquisition. The other owner […]

The lake planned for the Trojena development, which will be built by Italian company Webuild

Trojena winter resort aims to be Neom’s inaugural site

The Saudi winter resort of Trojena will be completed and ready to open in 2027 ahead of the 2029 Asian Winter Games, a spokesman said this week, making it the first project inside the futuristic city Neom to come online.  Developers are under pressure to finish the giga-projects at the heart of Saudi Arabia’s economic […]

People accept gifts from a man dressed as the Chinese God of Wealth during Spring festival in Zaozhuang, Shandong Province. The region is vital to China's economy

Saudi Arabia courts China’s Shandong province

Saudi Arabia is targeting more investment from the Chinese province of Shandong after hosting a delegation of more than 200 private sector and government officials. The Economic Cities and Special Zones Authority (ECZA), in collaboration with Invest Saudi, entertained the visitors last week with the aim of cultivating investment prospects for Chinese enterprises considering expansion […]

How the Grand Boulevard Approach of The Arena will look

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 […]