Saudi Arabia megaprojects 2024: From Neom to AlUla, 17 developments shaping its future


Neil Halligan
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Read More: Neom: A guide to the 11 projects in Saudi Arabia's mega-development

From giant cubes to luxury seaside resorts, the list of megaprojects in Saudi Arabia continues to grow.

The kingdom's transformation under the Saudi Vision 2030 plan, which aims to diversify its economy and reduce its reliance on hydrocarbons, is changing the landscape of its cities and surrounding areas.

The Public Investment Fund, Saudi Arabia's sovereign wealth fund which manages more than $620 billion in assets, is at the heart of the Vision 2030 initiative.

Several of PIF's entities are leading the transformation with megaprojects. Some of the projects are of such scale and ambition that they are defined as giga-projects, considered “once in a generation” undertakings

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The value of property and infrastructure projects announced since Saudi Arabia rolled out its National Transformation Plan in 2016 has crossed $1.25 trillion, according to real estate agency Knight Frank.

Here, The National takes a look at 17 megaprojects expected to shape the future of the kingdom.

Neom

A futuristic multibillion-dollar megacity in the north-west of the kingdom, Neom forms a core part of Saudi Vision 2030.

The ambitious $500 billion giga-project, supported with funding from the PIF as well as local and international investors, aims to be powered entirely by clean energy.

The plan for Neom is a city where public transport and autonomous vehicles will be residents' main modes of travel.

Luxury ecotourism destination Zardun is the latest project to be announced in Neom. Photo: Neom
Luxury ecotourism destination Zardun is the latest project to be announced in Neom. Photo: Neom

First unveiled by Crown Prince Mohammed bin Salman in 2017, it seeks to challenge the traditional concept of cities and lifestyle.

Eleven projects have been announced within Neom, including The Line, a 170km-long, 500-metre tall city, and the most recent, a luxury eco-tourism destination, Zardun.

Red Sea Project

The Red Sea Project, also announced in 2017, is set to add another layer to the region's booming tourism industry.

The luxury regenerative tourism destination on the West coast, in the Tabuk province, is surrounded by the world's fourth-largest barrier reef system.

The project covers more than 28,000 square kilometres and includes an archipelago of more than 90 islands, dormant volcanoes, mountain canyons and ancient archaeological sites.

The plans include an eco-friendly resort carved into the mountains, futuristic overwater villas with views to rival the Maldives and new mangrove habitats.

By 2030, it is hoped it will house 50 hotels with 8,000 rooms, and up to 1,000 residential properties.

The Red Sea International Airport opened in September, with domestic flights now operating from Riyadh and Jeddah.

AlUla

The development of AlUla, a vast area estimated to be the size of Belgium, is planned to transform the region into one of the kingdom’s cultural capitals.

The heritage site, with its preserved tombs and sandstone outcrops, is already a popular tourist destination and is served by Prince Abdul Majeed bin Abdulaziz International Airport, around 25km to the south-east.

The Royal Commission for AlUla (RCU) was established in 2017 to preserve and develop the 2,000-year-old archaeological and historical site.

AlUla Development Company, which is wholly owned by the PIF, launched operations in January last year. It plans to deliver hospitality, residential, retail and infrastructure projects as part of the tourism push.

Mada’in Salih features 111 monumental tombs carved into stone. AFP
Mada’in Salih features 111 monumental tombs carved into stone. AFP

Planned developments include more than 7,500 hotel rooms, 5,000 residential units, a staff village comprising more than 1,000 units, as well as infrastructure support.

AlUla is known as the home of Mada’in Salih, Saudi Arabia’s first Unesco World Heritage site.

The master plan includes the development of five districts – AlUla Old Town, Dadan, Jabal Ikmah, Nabataean Horizon and Hegra Historical City.

The RCU forecasts that the population of the area will triple to 130,000 by 2035, generating about 38,000 jobs.

In 2023, the RCU signed an agreement with France's Centre Pompidou to develop a contemporary art museum in AlUla.

Diriyah

Diriyah is a $62.2bn billion development project that aims to showcase Saudi Arabia's history.

Founded around 1446, Diriyah served as the home of the Saudi royal family, and later, the capital of the First Saudi State. In 1824, the Second Saudi State was founded in Riyadh, just to the south of Diriyah.

Diriyah Gate Development Authority, which is responsible for maintaining the heritage and history of Diriyah, is restoring many sites in the area, including Al Turaif District, the mud-brick city which is a Unesco World Heritage Site. The authority plans to complete restoration of all sites by 2025.

Diriyah Company, the developer behind the transformation of the city into a tourism giga-project, announced plans to create King Salman Boulevard, a 1.9km avenue inspired by the Champs-Elysees in Paris, and the Royal Diriyah Opera House, a first for the kingdom.

The heritage giga-project has set a target of 27 million domestic and international visitors by 2030.

Qiddiya Project

Qiddiya is set to be one of the largest entertainment destinations in the world. SPA
Qiddiya is set to be one of the largest entertainment destinations in the world. SPA

Qiddiya is a gigantic entertainment, sports and cultural development just outside Riyadh.

It is set to be one of the largest entertainment destinations in the world, covering 334 square kilometres.

When completed, it will have a Six Flags theme park, a Jack Nicklaus championship golf course, a water park, a speed park and a sports stadium.

Contracts worth 10 billion Saudi riyals ($2.66 billion) have been awarded so far for Qiddiya City, which will include 60,000 buildings and is expected to eventually have more than 600,000 residents.

The project aims to attract about 48 million visits a year.

In December, Qiddiya Investment Company unveiled plans to open the world's first gaming and esports district as part of the project. The 500,000-square-metre centre is intended to host up to 25 esports teams at a time, as well as being the regional headquarters for more than 30 video game companies.

Sports Boulevard

Launched in 2019, the Sports Boulevard is planned to become the largest linear park in the world.

It will be more than 135km long, extending through Riyadh, connecting Wadi Hanifa in the West to Wadi Al-Sulai in the east through Prince Mohammed bin Salman Road.

It will have paths for pedestrians and cyclists, as well as horse trails and other sports facilities.

Amaala

Amaala, when completed in 2027, will have more than 25 hotels, luxury residences and 200 fine-dining outlets. Photo: SCTH
Amaala, when completed in 2027, will have more than 25 hotels, luxury residences and 200 fine-dining outlets. Photo: SCTH

Spanning more than 4,000 square kilometres on Saudi Arabia’s north-western coast, Amaala aims to be a year-round destination focusing on luxury tourism and wellness.

When completed in 2027, it will have more than 25 hotels, luxury homes, 200 fine-dining outlets and a host of wellness and recreational facilities, set across three communities.

Projects already announced include Six Senses Amaala, Rosewood Amaala, Clinique La Prairie Health Resort and the Triple Bay Yacht Club.

The first phase of development, Triple Bay, is set for completion by the middle of 2024 and will consist of six hotels and more than 1,000 rooms.

The Amaala development will be powered by 100 per cent renewable energy and aims to have a zero-carbon footprint.

The project is being overseen by Red Sea Global, the developer behind the Red Sea Project.

King Salman Park

Unveiled in 2019, King Salman Park will be one of the largest city parks in the world once completed.

Located at the former Riyadh Air Base site, the park is envisioned as Riyadh's “green lung”, with sports amenities, a golf course and an equestrian centre.

With an overall size of 13.4 square kilometres, King Salman Park will be five times larger than London’s Hyde Park.

Work has already started on the Visitors Pavilion and the Royal Arts Complex.

The King Salman Park Foundation, which is responsible for the construction and operation of the park, launched the King Salman Park Real Estate Development Fund in September to develop more than 290,000 square metres of the park in partnership with the private sector.

The fund, valued at 4 billion riyals, will develop around 1,500 apartments and town houses overlooking the park, along with offices and retail, hotels and educational facilities.

Jeddah Central

Jeddah Central is a $20 billion project to develop 5.7 million square metres in the heart of Jeddah.

There will be six districts: the Beach, Leisure and Lifestyle district, the Sports Park district, the Wellness district, the Cultural and Creativity district, the Marina district and the Central district.

It will include four new landmarks: the industrial museum, the opera house, the sports stadium and the oceanarium.

The development will be completed across three phases, with the first, accounting for 45 per cent of the project, set to be finished by the end of 2027.

The second phase, due for completion in 2030, will focus on creating an economic, cultural and entertainment hub.

Marafy

The waterway will include water taxis and offer a direct canal link to the King Abdulaziz International Airport. Roshn
The waterway will include water taxis and offer a direct canal link to the King Abdulaziz International Airport. Roshn

Roshn Group – Saudi Arabia's biggest developer, owned by the PIF – announced plans to develop Marafy, a mixed-use megaproject north of Jeddah that includes an 11km canal.

The 100m-wide navigable canal, the first in Saudi Arabia, will be flanked by promenades and residential and commercial districts.

The canal will create a waterfront comparable in size to Chicago, Hamburg and central London, Roshn Group said. Water taxis will provide a direct link to King Abdulaziz International Airport.

The horseshoe-shaped waterway will be connected to Obhur Creek, which flows to the Red Sea.

The megaproject will accommodate more than 130,000 residents once completed.

Masar

Masar is a 1.2-square kilometre urban development project in Makkah.

The 100 billion riyal project features a 3.6km-long and 300-metre-wide central pedestrian boulevard leading to the Al Haram Mosque.

Hotels, commercial and retail facilities, residential buildings and public amenities are being developed either side of the walkway.

The owner and developer of Masar is Umm Al Qura for Development & Construction, whose investors include the PIF, the Ministry of Finance and the Public Pension Agency.

Mohammed bin Salman Non-profit City

Launched in 2021, Mohammed bin Salman Non-profit City (Misk) in Riyadh is a district that will act as an incubator for youth volunteer groups, as well as local and international non-profit institutions.

It will also house venture capital companies and investors who will support and incubate talent and businesses.

Occupying approximately 3.4 square kilometres, the city will host the Misk Foundation and its subsidiaries, schools, academies, local and international institutions and entrepreneurs. It will also house nearly 18,000 people.

More than 44 per cent of the city’s total area will be dedicated to open green spaces.

Thakher Makkah

The Thakher Makkah project is a master plan of around 100 plots that will be used for hotels, residential, commercial, and service-related projects.

The total value of the project, which spans 320,000 square metres, is 26 billion riyals.

New Murabba

The New Murabba Development Company's project will include a museum, a technology and design university, a multipurpose immersive theatre and more than 80 cultural and entertainment venues
The New Murabba Development Company's project will include a museum, a technology and design university, a multipurpose immersive theatre and more than 80 cultural and entertainment venues

Billed as Riyadh's new downtown, the New Murabba is a planned mixed-use development in the north-west of the city, at the intersection of King Salman and King Khalid roads.

At the heart of the project will be a huge cube structure called the Mukaab, built in a modern Najdi architectural style. It is set to be the world’s first immersive destination, offering virtual technology experiences.

The New Murabba will have more than 25 million square metres of floor area, feature more than 104,000 homes, 9,000 hotel rooms and vast retail space.

It will also comprise office and leisure space, and 1.8 million square metres for community facilities.

Built around the concept of sustainability, featuring green areas and walking and cycling paths, the project will also include a museum, a technology and design university, a multipurpose immersive theatre and more than 80 cultural and entertainment venues.

The project is expected to be completed by 2030, in time for the global expo.

Expo 2030 Riyadh site

Saudi Arabia unveiled the masterplan for Expo 2030 Riyadh in June last year. Photo: Expo 2030 Riyadh
Saudi Arabia unveiled the masterplan for Expo 2030 Riyadh in June last year. Photo: Expo 2030 Riyadh

Riyadh's Expo 2030 site will cover about seven square kilometres and feature a “loop of the world” avenue connecting more than 200 pavilions.

Located near the under-construction King Salman International Airport, the site is designed as a futuristic city with a modern green oasis.

While no specific details have been released about the site, Saudi Arabia announced in June that it has allocated $7.8 billion of investments for Expo 2030.

Riyadh Metro

Work continues on Riyadh Metro, a $22.5 billion project that will consist of six metro lines connecting 85 stations across a 176km network.

The project is expected to carry 1.2 million passengers daily in its roll-out phase, growing to 3.6 million at full capacity. It is expected to be completed this year.

Jeddah Metro

Jeddah's planned metro, consisting of three lines, is expected to be completed by 2025.

The first phase will link King Abdulaziz International Airport with the Prince Abdullah Al-Faisal Stadium, central Al-Ruwais and Al-Khozam.

The $60 billion network was scheduled to be completed by 2020 but has been delayed due to hold-ups in the completion of Jeddah’s bus network.

Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres  

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor 

Game Of Thrones Season Seven: A Bluffers Guide

Want to sound on message about the biggest show on television without actually watching it? Best not to get locked into the labyrinthine tales of revenge and royalty: as Isaac Hempstead Wright put it, all you really need to know from now on is that there’s going to be a huge fight between humans and the armies of undead White Walkers.

The season ended with a dragon captured by the Night King blowing apart the huge wall of ice that separates the human world from its less appealing counterpart. Not that some of the humans in Westeros have been particularly appealing, either.

Anyway, the White Walkers are now free to cause any kind of havoc they wish, and as Liam Cunningham told us: “Westeros may be zombie land after the Night King has finished.” If the various human factions don’t put aside their differences in season 8, we could be looking at The Walking Dead: The Medieval Years

 

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

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Miss Granny

Director: Joyce Bernal

Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa

3/5

(Tagalog with Eng/Ar subtitles)

UAE currency: the story behind the money in your pockets

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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RESULTS

Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.

Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.

Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.

Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.

Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.

Catchweight 80kg​​​​​​​
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.

Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.

Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.

Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.

Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.

Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.

MATCH INFO

Euro 2020 qualifier

Ukraine 2 (Yaremchuk 06', Yarmolenko 27')

Portugal 1 (Ronaldo 72' pen)

Other simple ideas for sushi rice dishes

Cheat’s nigiri 
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.

Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.

Deconstructed sushi salad platter 
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.

MATCH INFO

Uefa Champions League semi-final, second leg
Real Madrid (2) v Bayern Munich (1)

Where: Santiago Bernabeu, Madrid
When: 10.45pm, Tuesday
Watch Live: beIN Sports HD

While you're here
Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
The bio

Favourite book: The Alchemist by Paulo Coelho

Favourite travel destination: Maldives and south of France

Favourite pastime: Family and friends, meditation, discovering new cuisines

Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.

Favourite Author: My father for sure

Favourite Artist: Damien Hurst

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

About Okadoc

Date started: Okadoc, 2018

Founder/CEO: Fodhil Benturquia

Based: Dubai, UAE

Sector: Healthcare

Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth

Funding stage: Series B fundraising round to conclude in February

Investors: Undisclosed

Updated: February 05, 2024, 12:14 PM