Huge investment in kingdom revealed as new Cityscape Saudi Arabia event launched.
More than 285 civil construction projects worth in excess of $260 billion are currently underway or in design in Saudi Arabia, according to the latest analysis.
Details of the continuing surge in the kingdom’s civil construction market were revealed on Tuesday at Cityscape Dubai where the latest addition to the world’s largest international business to business property development brand was announced – Cityscape Saudi Arabia.
“The Cityscape portfolio now encompasses most of the world with ten separate events,” said Rohan Marwaha, managing director of Cityscape.
“Cityscape Saudi Arabia is a natural addition. With an indigenous and growing population of 19 million and organic growth of its own, Saudi Arabia is not as exposed to potential downturns as other Arabian Gulf states and is less reliant on overseas investment.
“Saudi Arabia’s wealth as a nation also places it in a better position than many to weather the challenging international financial uncertainties.
"Investment in real estate is at an earlier stage in the cycle and has not matured to the same extent as other regional countries.”
Cityscape Saudi Arabia will be held from June 14-16 2009 at the Jeddah International Exhibition Centre.
The Proleads database of active civil projects under construction or in design dramatically illustrates the extent of the continuing boom in Saudi Arabia’s property development industry with the top ten alone valued at more than $200 billion.
For the most part, these projects are massive, entirely new cities being created where there was once only desert. The following are the top ten civil construction projects in Saudi Arabia under construction or in design, according to the database.
1. King Abdullah Economic City - $93 billion
Construction is underway by Emaar Economic City Company of a city along the Red Sea between Jeddah and Rabigh including a seaport, and industrial, financial, resorts, residential and educational zones.
2. Prince Abdulaziz Bin Mousaed Economic City - $53 billionWork is underway at Hail on a city to include a logistics centre, airport, an agricultural and entertainment zones, a mining city, a petrochemical zone, a business centre, an educational zone and a residential area. The project is expected to be completed by 2025
3. Jizan Economic City - $30 billion
Construction has begun on this city in southern Saudi Arabia close to the Yemen border and will include a port, aluminium smelter, steel and copper processing, an oil refinery, fish processing and other industries; a business district, residential areas, marina, education and hospitality facilities.
4. Jeddah Project Mile High Tower - $10 billionThe Kingdom Holding Company is designing a 1600 metre skyscraper to form part of the Jeddah project, north of the city.
5. Shamieh Project – $9.3 billion
This Makkah project is in design to include residential apartments, commercial centres, hotels, schools, mosques, hospitals and related facilities, car parks and transport corridors to carry pilgrims. The development is located north of the Haram mosque in Makkah.
6. Medina Knowledge Economic City - $7 billion
This project is under construction for Taiba Technological and Economic Information Centre, an interactive museum on Prophet Mohammed’s (PBUH) life, a centre for studies of Islamic civilisation and a centre for medical studies, biosciences and integrated medical services. It includes hotels and housing accommodating 200,000 people.
7. Al Zahira City - $4 billion
Design for this development on Palestine Road east Jeddah includes 20,000 housing units and 150,000 square metres of surrounding gardens.
8. Jabal Omar - $3.3 billion
This Makkah project is in design for 39 buildings including residential towers, offices tower, commercial centre and five-star hotels. The project will have 4,500 shops, 3,000 showrooms. The residential area is planned for 34,500 people, open prayer space for 85,000 worshipers and prayer places in each tower with a capacity of more of the 200,000 thousand worshipers.
9. Injaz - $3 billion
This mixed use Dammam project is being designed on 3.3 million square metres of land on the Arabian Gulf. 10. Riyadh Marriland Leisure Park - $3 billion
This project is in design to include an animal world, equestrian centre, family entertainment, a scientific and historical museum, an ecological resort, golf course, retail park, a high tech park, a nature reserve, hunting zone, exhibition centre, diplomat area, a man made lagoon, hotels and media village.