Saudi Construction Boom Hands Firms Contracts Worth $250 Billion
- Work commissioned since 2016 includes $70 billion by Neom
- Saudi Arabia aims to move its economy away from oil dependence
Towers under construction in Riyadh, Saudi Arabia.
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Saudi Arabia has awarded construction contracts worth $250 billion since 2016, when the kingdom embarked on an ambitious plan to build mega projects and transform its economy.
Property and infrastructure projects valued at $1.25 trillion have been announced across the country including the high-tech new city of Neom, on the kingdom’s west coast, according to property consultant Knight Frank LLP. The government has also unveiled vast new tourism and entertainment projects that aim to attract visitors from around the world, while also encouraging Saudis to spend more domestically.