Unique Economic Potential: Exploring the Saudi Arabia Megaprojects

For those familiar with the landscape of Saudi Arabia, you couldn’t help but notice it has undergone some significant changes in recent years. These new alterations, both in terms of its size and topography, are showing no signs of slowing down as Saudi Arabia gets ever closer to its Vision 2023 goals. As part of the government’s commitment to diversify the nation’s economy, it is championing a series of extraordinary megaprojects that will not only transform the Saudi tourism industry, but will set new world standards in entertainment, business, hospitality, retail and more. Its economic impact has already reached new heights with the value of property and infrastructure projects announced crossing the $1.25 billion threshold. For those exploring their options in terms of relocation and corporate services in Saudi Arabia and across the Middle East, these projects represent a shift in global dynamics that mirrors the growing international interest in the region. Here is our brief guide to some of the top Saudi Arabia megaprojects (and ‘giga-projects’) to watch!

Neom

One of the most recognisable of the Saudi Arabia megaprojects, Neom is an ambitious game-changing endeavour valued at over $500 billion. It is a core element of the Saudi Vision 2030 and is set to become a new kind of living experience powered by clean energy and featuring some of the world’s latest technological advances. Recently, eleven major projects have been announced within Neom including a 500-metre tall city called The Line, a luxury eco-tourism destination Zardun and Oxagon, the world’s largest floating industrial complex.

The King Salman Energy Park

Located in the Eastern region of Saudi Arabia, this cutting-edge development is “designed to be an industrial hub that connects the world to opportunities in the Saudi energy sector and beyond”. Commonly referred to as SPARK, the King Salman Energy Park will offer a world-class infrastructure and comprehensive, technology-first services that will attract energy companies into their integrated eco-system. It is expected to contribute dramatically to Saudi’s job market, energy industry and sustainability goals.

The Rig

Possibly one of the most ‘entertaining’ and exciting new Saudi Arabia megaprojects, The Rig comes with its own blockbuster movie-style trailer that outlines what this ‘water’mark development will entail. This is truly a one-of-a-kind destination located 40km off the Saudi Arabia coastline and divided into four area, The Derrick, The Riser, The Moonpool and The Jackup. Amongst these ‘oil-rig’ inspired structures you will find 800 hotel rooms across 3 hotels, 11 restaurants, a 50 boat marina and over 70 attractions including a giant amusement park, splash park and immersive theatre.

AlUla

With its indescribable landscape, rich heritage and unique destinations AlUla is already a must-visit location in Saudi Arabia. The on-going development of the area is focused on preserving and enhancing the 2,000 year old archaeological and historical site. Currently visitors can explore a host of natural wonders like Elephant Rock, modern marvels like Maraya, luxury oasis resorts like Habitas AlUla and even Hegra, one of Saudi’s six UNESCO World Heritage Sites. Looking forward, there are plans in place to create new museums, cultural centres, resorts and over 9,000 hotel rooms. Across the five districts it is expected that this multi-billion dollar project will generate close to 40,000 new jobs and contribute $32 billion annually to the GDP by 2035.

Diriyah

Another of Saudi Arabia’s megaprojects that the public can visit today is Diriyah, widely considered to be the birthplace of the Saudi state. Here visitors can experience ‘over 600 years of authentic Najdi culture and history’, just 15 minutes away from Riyadh. As well as the At-Turaif UNESCO World Heritage Site, guests can explore Diriyah’s numerous educational and cultural opportunities, from guided tours to museums to traditional flavours. With its 100% walkable city, Diriyah shares the sustainability goals of its fellow megaprojects and has a goal of welcoming 27 million visitors annually by 2030.

AlMaala

“Inspired by art, wellness, and the purity of the red sea, AMAALA is the world’s first integrated family wellness destination that offers restorative experiences for all”. Aimed to be a major luxury tourism destination, ALMAALA is one of the Saudi Arabia megaprojects that is situated alongside the Red Sea. Sustainability will once again take front and centre in this exotically beautiful destination that will expand the local economy significantly with its new hotel rooms, wellness activities, watersports, fashion boutiques, restaurants, art academy, marinas and over 800 villas and homes.

The pace and imagination of the Saudi Arabia megaprojects do not appear to be waning anytime soon. This is a major part of why we are seeing so many relocation, immigration and corporate services enquires come in across KSA and the wider Middle East region. If you would like to discuss how our local Saudi Arabia services could assist you, please reach out today on info@eerme.com or +971 (0)4 421 1819.