Construction and real estate are entering a golden era of growth in Riyadh and across Saudi Arabia as the ambitious reforms of Vision 2030 take effect and fundamentally transform the economy. An in-depth report set to be released next month and published by Quality Media Press will examine the housing boom, mega-projects like NEOM, and how the sector is benefiting from billions in government investment.
Announced in 2016 by Crown Prince Mohammed Bin Salman, Vision 2030 has three main goals – reducing oil dependence, developing new industries, and increasing employment opportunities for women and young people. The impact can already be seen across the Kingdom as mammoth construction projects reshape its biggest cities.
In Riyadh, skylines are dotted with cranes as the capital expands beyond its traditional borders. Luxury hotels buzz with meetings between local partners and foreign investors. New shopping malls and residential complexes seem to open every week. The construction frenzy will continue as Riyadh prepares to host Expo 2030 and sections of the 2034 FIFA World Cup.
Digitisation efforts have made interacting with the government vastly simpler. Citizens and residents can more easily navigate new regulations supporting Vision 2030.
Notably, major ‘giga projects’ like NEOM are capturing global attention. This $500 billion sustainable mega-city planned on 10,000 square miles will include a floating industrial zone, tourism facilities, and the 110-mile linear urban development called The Line, powered entirely by renewable energy.
The real estate sector has boomed as hundreds of billions pour into construction. Official targets aim to increase home ownership by 70 percent and expand the mortgage market. Young professionals are buying their first homes, while demand grows for high-end office space as companies set up in the rapidly modernising country.
One company that has benefited enormously is Mohammad Al Habib Real Estate, active in the Kingdom for over 50 years. With projects like the record-breaking 1,500 unit Kaheel complex in Riyadh, the firm is perfectly positioned to capitalise on surging demand.
Government support has been vital according to CEO Abdullah Al Habib: “Vision 2030 gives the private sector opportunities we couldn’t have initiated before.”
Similarly, construction giant Built Industrial has diversified from solely government contracts to work on schemes including hotels in NEOM. CEO Mohammed Asiri credits Vision 2030 with opening more clients and sectors for his growing business.
Even niche players are finding opportunities. Landscaping specialist AF Group is involved in Green Riyadh’s mammoth tree planting initiative and started work on NEOM’s initial plans. “The government supports Saudi talent – it’s helped our success,” says CEO Abdullah Alothman.
The upcoming report will provide unprecedented insight into the role each sector is playing in realising Vision 2030. With major development still underway, industry leaders are bullish on the long term benefits the reform drive will bring to Saudi Arabia’s economy and society.
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