Saudi Arabia is working aggressively to diversify away from dependence on hydrocarbons. There are more than $1.6 trillion in active projects in the kingdom, many of them megaprojects worth hundreds of billions.
Saudi Arabia is the world's largest oil exporter. Subsequently, oil dominates Suadi's economy. In recent efforts to diversify the economy away from oil, the kingdom has embarked on a major investment campaign aimed at being a catalyst to boost growth in other sectors such as tourism and manufacturing.
The kingdom's population will increase by 12 percent over the next decade to 40 million from 35 million today. Housing is a key focus area for the government to ensure demand does not outstrip supply. Hand in hand with the various housing programs there is a continuous investment in public services.
Many well-known mega projects such as NEOM, Al Failsaliah City, King Abdullah Economic City and others account for a staggering $ 1.3 billion worth of projects under construction. Some smaller projects (in comparison, but not by scale) would include the following in the top 5:
Saudi Housing Program
Developed by the Ministry of Housing of Saudi Arabia, this is a mega project that aims to build 1.5 million homes across the kingdom by 2030.
Saudi Arabia National Renewable Energy Program
The renewable program is a public-private partnership with 25-year power purchase agreements and will include 35 projects spread across the kingdom. The Renewable Energy Project Development Office is the project sponsor, and Saudi Power Procurement Company will purchase the power.
Al Ula Project
Developed by the Al Ula Royal Commission, the project will include several heritage sites, nature reserves, resorts and museums. The development spans 22,561 square kilometers and will take more than 15 years to complete.
Diriyah Gate is a mixed-use development that will include commercial, residential, hospitality and entertainment facilities. The Diriyah Gate Development Authority is the lead developer, and the project will take ten years to complete.
Riyadh Metro – Lines 1 and 2
Nearing completion, the metro lines have a combined length of more than 63 kilometers and 35 stations. The main contractors were Almabani General Contractors and Consolidated Contractors International Company. Siemens provides the rolling stock.