MARKET SNAPSHOT: KING SALMAN PARK First phase Royal Art Complex; visitor

SAUDI GIGAPROJECTS 2024

comprises pavilion; cultural facilities;
Built on the old King Faisal military airbase in central sports and entertain-
five main
Riyadh, the world’s largest urban park is being devel- ment facilities; housing,
elements:
oped in three phases, with the first stage the largest. hospitality, business and
Covering 16.9 sq km, it will be five times the size public facilities
Contract activity has grown exponentially over the past two years of New York’s Central Park. Over 9.3 million sq m is
dedicated to green areas and open spaces, featuring
Master
planners
Henning Larsen
Architects and Omrania
various gardens and a bird and butterfly sanctuary. include: Associates
THE PROJECTS AL-ULA BOUTIQUE GROUP SAUDI
ENTERTAINMENT
ROSHN
Tourism development Luxury hotels redevelopment Affordable residential
There are at least a $15bn $1.5bn VENTURES housing for nationals JEDDAH CENTRAL Phase one: Spans 1.5 sq km and
dozen more gigaprojects Entertainment complexes (under way) includes the sports stadi-
$90bn With an estimated value of SR75bn ($20bn), the Jeddah um, marina and beach
still to be announced in multiple cities Central project will be built in three phases over 5.7 sq
in the kingdom $5bn Phase two: Green garden, educational
QIDDIYA km. The scheme has four landmarks – an opera house,
(2030) facilities, mosque, library,
334 square-kilometre museum, sports stadium and an oceanarium – and six coral bay and museum
entertainment city districts, named Central, Marina, Beach, Sport Park, Cul-
NEOM Phase three: Green spaces and
$8.8bn tural & Creativity and Wellness. When complete, it is ex- (post-2030) healthcare facilities
City, tourism destination
pected to add about SR47bn of GDP to Saudi’s economy.
and industrial hub
$500bn NEW MURABBA
World’s largest downtown Developer: Ardara, a new fully
development covering ARDARA – AL-WADI owned subsidiary
19 sq km Ardara’s first project is called Al-Wadi, located in central of the Public
AMAALA Investment Fund
Luxury coastal $100bn Abha. Costing an estimated $5.1bn, the development
resort project extends over an area of 2.5 million sq m and features First phase: Comprises five
KING SALMAN districts including
$5.1bn Total INTERNATIONAL
16km of waterfront and 17km of walking and cycling
residential, hospitality
value AIRPORT tracks. It will feature 2,000 residential units, and is
likely the first of many projects under Ardara. and recreational
$884bn
RED SEA PROJECT 120 million developments
28,000 square-kilometre passengers
luxury coastal development $30bn
$16bn
KING SALMAN LARGEST AWARDED CONTRACTS AND CONTRACTORS
RUA AL-MADINAH JEDDAH CENTRAL PARK, GREEN Neom dominates top list of contracts awarded to date List of largest contractors has heavy local presence
RIYADH, SPORTS
Islamic and cultural Urban revival Value TOP GIGAPROJECTS CONTRACTORS BY VALUE OF
BOULEVARD Contract Owner ($m)
destination for pilgrims $20bn WORK UNDER CONSTRUCTION ($bn)
$23bn Neom: green fuels: renewable energy project NGHC 4,000
$10bn
ARDARA
SOUDAH Neom: community villages: wave 1: five housing Neom 3,500 Nesma & Partners 4.8
Al-Wadi mixed-use DIRIYAH GATE
DEVELOPMENT clusters Larsen & Toubro 4.7
destination Residential, cultural and
$5.1bn Soudah Peaks retail destination Neom: backbone infrastructure: drill and blast Neom 2,780 Alfanar Projects 3.6
tourism development $20bn running tunnels Almabani 3.1
$5bn King Salman Park: landscape works (package 6.0) KSPF 2,000 Shibh al-Jazira Contracting 2.6
Amaala: utilities package Red Sea Global 2,000 Modern Building Leaders 2.4
Webuild
PROGRESS MADE ON THE GIGAPROJECTS SO FAR Riyadh Sports Boulevard: zone 6: packages A,B,C,D,E SBF 1,900
Saudi Binladin Group 1.4
2.3

Contracts worth $60.6bn have been awarded for Saudi Arabia’s gigaprojects from 2018 to date. The pace of Neom: backbone infrastructure: drill and blast Neom 1,850 Al-Bawani 1.3
spending is expected to continue to accelerate, although perhaps not at the rate some might have expected. tunnel section Mofarreh Alharbi & Partners Co 1.2
Neom: Oxagon: NICC: Connector South Neom 1,536 Archirodon 1.2
TOTAL VALUE OF GIGAPROJECT TOP GIGAPROJECTS BY CONTRACTS AWARDED ($bn) King Salman International Park: Royal Art Complex KSPF 1,520 BEC Arabia 1.1
CONTRACTS AWARDED, 2018-23 ($bn) Neom dominates in terms of capex, and will continue to do so, Neom: community villages: wave 1: two housing clusters Neom 1,000 Shapooji Pallonji 1.1
but many other projects have yet to really begin Qiddiya: resort core: Six Flags theme park QIC 988 Al-Yamama Company 1
23.8 El-Seif Engineering Contracting
Diriyah Gate: super basement Diriyah Co. 983 1
Neom 24 FCC Construction 0.9
19.9 Red Sea Global 8.3 Rua al-Madinah: infrastructure package 1 & 2 RMH 974
Total King Salman Park Foundation 5.5 Neom: community villages: wave 1: two clusters Neom 920
Sepco 3 Electric Power 0.9
value Neom Green Hydrogen Company 5.4
China Harbour Engineering 0.9
Red Sea project: utilities infrastructure Red Sea Global 900 Air Products
$60.6bn Sports Boulevard Foundation 3.7 0.9
Qiddiya Investment Company Neom: Oxagon: southern cluster: green fuels plant Neom 900 Al-Rashid Trading & Contracting 0.8
3.7
11.7 Roshn 3.1 Neom: Oxagon port: stage 2 marine works in zone C Neom 800
Diriyah Company 2.9 Neom: Oxagon port: dredging/quay wall: package 16C Neom 800
Rua al-Madinah Holding 1.2 REPORT: Saudi Giga
Qiddiya: resort core: water park QIC 750 Projects 2024
Royal Commission for Riyadh City 1.1
Royal Commission for Al-Ula 0.7 NGHC=Neom Green Hydrogen Company; KSPF=King Salman Park Foundation; A complete analysis of
3.7 Jeddah Central Development Co 0.3 SBF=Sports Boulevard Foundation; QIC=Qiddiya Investment Company; Saudi’s gigaprojects
Enowa 0.3 RMH=Rua al-Madinah Holding programme, covering 17+
1.2 projects worth over $850bn
0.3 Boutique Group 0.2
2018 2019 2020 2021 2022 2023* Soudah Development Co 0.1 Visit www.buy.meed.com to download sample pages
New Murabba Development Co 0.1
*=Year to date
Source: Saudi Gigaprojects 2024 report; MEED Projects. Visit our reports store at buy.meed.com