Saudi Arabia’s giga projects have reached $196 billion in contract awards this year, marking a 20 per cent increase from 2024, according to Knight Frank’s fourth annual Saudi Arabia Giga Projects Report.
The figure demonstrates the speed at which projects under the government’s Vision 2030 plan are moving from planning into execution phase.
The programme encompasses cities, infrastructure projects, sports venues and tourism destinations.
Riyadh accounts for 63% of Saudi Arabia’s new jobs since 2019
Riyadh is driving Saudi Arabia’s giga project agenda, with developments including Diriyah Gate, King Salman Park and the 220km Sports Boulevard.
The projects aim to position Riyadh as a centre for culture, lifestyle, leisure and economic activity.
“Riyadh has firmly established itself as Saudi Arabia’s new economic powerhouse, accounting for 63 per cent of all new jobs created in the Kingdom since 2019,” Faisal Durrani, Partner – Head of Research, MENA at Knight Frank said, adding that projects worth more than $237 billion have been announced across real estate, infrastructure and transportation sectors since 2016, with $44 billion already awarded in construction contracts.
The city’s population is projected to grow from 7 million in 2022 to 10.1 million by 2030. The development pipeline includes more than 340,000 homes, 4.8 million sqm of offices, 3 million sqm of retail and close to 30,000 hotel rooms.
“This is one of the world’s most ambitious urban growth stories and the scale of development not only elevates Riyadh’s liveability, but underlines its evolution into a world-class hub for business, tourism and global talent,” Durrani said.
Diriyah Gate, a $63 billion project, is transforming Diriyah into a heritage destination. The development merges Najdi architecture with modern luxury and is centred around the At-Turaif UNESCO world heritage site.
The total value of commissioned projects to date stands at $14.5 billion, with a further $45.6 billion in the pipeline. Contracts worth $5.9 billion were awarded in 2024, with an additional $3.7 billion awarded in the first eight months of 2025.
Western Saudi Arabia is becoming a centrepiece of Vision 2030, with 17 giga projects underway along the western seaboard. Projects include NEOM, The Red Sea and Qiddiya Coast.
Investment of $431.3 billion has been announced since 2016, with $57 billion of contracts already awarded and $187.2 billion in the pipeline.
By 2030, these initiatives will contribute to the completion of more than 382,500 homes, 3 million sqm of offices, 4.3 million sqm of retail space and 330,000 hotel rooms.
Construction contracts worth $24 billion have been awarded for NEOM and its sub-projects. These include $470 million for Magna, $3.31 billion for Trojena – which includes construction of the world’s largest man-made lake, stretching 2.8 km – $8.9 billion for The Line and $9.3 billion for Oxagon.
Giga projects across other regions and at the national level represent $132.3 billion in investment. Knight Frank is tracking $31.4 billion in commissioned projects and another $85.3 billion in the pipeline.
“Outside the major centres, projects are also enhancing liveability and integration, from developing Aseer and its Soudah Mountains to boost domestic tourism, to revitalising downtown districts through the Downtown Company. At the same time, the National Housing Company is raising living standards through the delivery of large-scale public housing initiatives, while ROSHN, backed by the Public Investment Fund, is building master planned communities that expand homeownership and introduce new urban lifestyles across the Kingdom,” Harmen De Jong, Regional Partner – Head of Consulting, MENA said.
By 2032, more than a dozen stadiums are set for expansion, upgrades, or construction, with project values totalling around $17.5 billion, De Jong explained.
“By 2032, more than a dozen stadiums are set for expansion, upgrades, or entirely new construction, with project values totalling around US$ 17.5bn. Collectively, these investments will reinforce the Kingdom’s capacity to host global tournaments such as the 2027 AFC Asian cup and the 2034 FIFA World Cup, while also serving as multi-purpose venues integrated within urban entertainment and cultural districts,” he added.
Saudi Entertainment Ventures (SEVEN), a subsidiary of the Public Investment Fund, is implementing a roll out of entertainment destinations with a total investment exceeding $4.7 billion.
With more than 570,000 sqm of retail space in the pipeline, SEVEN aims to transform Saudi Arabia’s leisure landscape.
Projects span cities including Riyadh, Jeddah, Makkah, Madinah, Dammam and Abha, and will deliver cinemas, theme parks, family entertainment centres and retail experiences.
“Saudi’s strong pipeline of stadium and entertainment destination projects reflects not only the government’s ambition to host world-class sporting events and attract international visitors but also its strategy to diversify the economy and improve quality of life. New retail lifestyle destinations, for instance, are already attracting leading global brands, and by blending global concepts with local culture. These projects are enhancing community engagement and creating new opportunities for investment and job creation across the Kingdom,” Amar Hussain, Associate Partner – Research, MENA at Knight Frank concluded.
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