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MEED February 2023 Webinar: Saudi Arabia 2023 Outlook and 2022 Review

26 February 2023

The webinar focuses on discussing the economic outlook, investment opportunities, and business strategies in Saudi Arabia for the year 2023.

As a MEED subscriber, you will be invited to exclusive monthly webinars on the trending topics in the region’s top sectors.

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Saudi Arabia 2023 Outlook and 2022 Review brings together industry experts, government officials, and business leaders to share their insights and perspectives on the current state and future of the Saudi Arabian economy.

The discussion covers a range of topics, including the impact of the COVID-19 pandemic on the economy, the government’s plans for economic diversification, and investment opportunities in various sectors such as healthcare, infrastructure, and renewable energy.

The webinar provides an interactive platform for participants to engage with the speakers, ask questions, and exchange ideas. It also offers networking opportunities for participants to connect with other business professionals and potential partners in Saudi Arabia.

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    Saudi Railway Company (SAR) has signed an agreement with local investment firm Riyad Capital to establish a real estate fund to develop a mixed-use, transit-oriented project in Mecca.

    The project will span more than 90,000 square metres in the Al-Rusifah district, near the Haramain high-speed railway station in Mecca.

    The development is estimated to cost more than SR6bn ($1.6bn).

    Riyad Capital operates through four business lines: asset and wealth management, brokerage, corporate investment banking and securities services.

    In an official statement, the company said its real-estate portfolio spans three continents and is valued at more than $6bn.

    UK-based analytics firm GlobalData expects Saudi Arabia's construction industry to grow by 4% in real terms in 2025, supported by investments in the housing, energy and transport infrastructure sectors.

    The commercial sector is estimated to grow by 3.7% in real terms in 2025 and to register an average annual growth of 3.7% from 2026 to 2029, supported by the government’s Vision 2030 plan. Under that plan, the government aims to attract 150 million tourists annually and add 320,000 hotel rooms by 2030.

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  • Contractors prepare Riyadh Expo infrastructure bids

    21 October 2025

     

    Fourteen firms have been invited to bid for the contract to undertake the initial infrastructure works at the Expo 2030 Riyadh site.

    Saudi Arabia’s Expo 2030 Riyadh Company (ERC), tasked with delivering the Expo 2030 Riyadh venue, floated the tender for the project’s initial infrastructure works in September, as MEED reported.

    The firms invited to bid include:

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    The overall infrastructure works – covering the construction of main utilities and civil works at Expo 2030 Riyadh – will be split into three packages:

    • Lot 1 covers the main utilities corridor
    • Lot 2 includes the northern cluster of the nature corridor
    • Lot 3 comprises the southern cluster of the nature corridor

    ERC issued the tender for infrastructure package Lot 1 on 21 September and has set deadlines of 26 October and 9 November for submission of technical and commercial bids, respectively.

    ERC is expected to award the contract for the Riyadh Expo infrastructure package in December.

    MEED previously reported that ERC was expected to issue the tender for some of the infrastructure packages in September.

    In July, US-based engineering firm Bechtel Corporation announced it had won the project management consultancy deal for the delivery of the Expo 2030 Riyadh masterplan construction works.

    The masterplan encompasses an area of 6 square kilometres, making it one of the largest sites designated for a World Expo event. Situated to the north of the Saudi capital, the site will be located near the future King Salman International airport, providing direct access to various landmarks within Riyadh.

    Countries participating in Expo 2030 Riyadh will have the option to construct permanent pavilions. This initiative is expected to create opportunities for business and investment growth in the region.

    The expo is forecast to attract more than 40 million visitors.

    The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth vehicle, launched ERC in June as a wholly owned subsidiary to build and operate facilities for Expo 2030.

    In a statement, the PIF said: “During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute around $64bn to Saudi GDP and generate approximately 171,000 direct and indirect jobs. Once operational, it is expected to contribute approximately $5.6bn to GDP.”

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    21 October 2025

     

    Twenty local and international engineering firms have purchased the tender documents for providing the detailed design of Oman’s New Smart City Salalah development.

    Oman’s Ministry of Housing & Urban Planning (MHUP) released the tender on 12 October. MHUP has set a deadline of 20 November for firms to submit their bids for the contract.

    The firms that have purchased the tender documents include:

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    The development will offer over 12,000 residential units, accommodating 60,000 residents across four neighbourhoods. It will also include 3,500,000 square metres (sq m) of open space and parks, 200,000 sq m of retail and hospitality space, 100,000 sq m of cultural space and amenities, two new hospitals and integrated transport links. 

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    The pre-budget statement issued by Saudi Arabia’s Ministry of Finance on 30 September provided valuable insight into how the economy will develop in 2026.

    The headline figures show that expenditure is set at SR1.313tn ($349bn) in 2026, compared to revenues of SR1.147tn, resulting in a deficit of approximately SR166bn, or around 3.3% of GDP.

    For the gigaprojects programme, a key detail was which projects were mentioned in the statement, as this implies that these are considered strategic and will continue to receive backing during a period many expect to be defined by reprioritisation.

    Four of the official gigaprojects – Roshn, Red Sea Global, Diriyah and Qiddiya – are mentioned multiple times throughout the document. Neom, however, is not mentioned. All five were referenced in the 2025 pre-budget statement.

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    Although the Asian Winter Games is scheduled to be held at Neom’s mountain resort, Trojena, in 2029 – and had previously been assumed to be a priority – reports over the summer suggested the event may be postponed to 2033, with South Korea or China potentially stepping in to host the 2029 edition.

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    > GOVERNMENT: Riyadh confronts rising regional chaos
    > ECONOMY: Riyadh looks to adjust investment approach
    > BANKING: New funding sources solve Saudi liquidity challenge
    > OIL & GAS: Aramco turns attention to strategic projects
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    > POWER: Saudi Arabia accelerates power transformation
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  • Qiddiya high-speed rail PPP is a bold but risky move

    20 October 2025

    Commentary
    Yasir Iqbal
    Construction writer

    Saudi Arabia’s Qiddiya high-speed rail project is the latest GCC rail scheme to be structured as a public-private partnership (PPP). Past schemes planned as PPPs include railways serving mining assets in Oman, Bahrain’s metro network, and the Red and Green Line extensions of the Dubai Metro. However, none of these projects moved into construction as a PPP.

    The Qiddiya high-speed rail scheme offers an opportunity to set a successful precedent for the region. Led by the Royal Commission for Riyadh City, in collaboration with Qiddiya Investment Company and the National Centre for Privatisation & PPP, the project represents a litmus test of the kingdom’s ability to leverage private capital and expertise to deliver complex mobility infrastructure.

    The project will connect King Salman International airport and King Abdullah Financial District (KAFD) with Qiddiya City, transporting passengers at speeds of up to 250 kilometres an hour and reducing travel time to just 30 minutes. Beyond its engineering appeal, it is the project’s PPP structure that makes it transformative.

    It signals a maturing market increasingly willing to share risks and rewards between public and private players – a model proven globally to drive efficiency, innovation and long-term value for money.

    International experience offers key lessons for the success of the Qiddiya high-speed rail project. As highlighted in a KPMG report, factors such as effective procurement and financing, political commitment and strong operational planning are critical.

    The Hong Kong Mass Transit Railway system, for example, succeeded by aligning rail development with real estate value capture.

    Similarly, projects such as the Nottingham Express Transit in the UK and Manila’s Mass Transit Railway demonstrate that transparent risk allocation and a robust business case can lead to financial and policy success.

    Despite these successes, it is worth noting that PPPs have fallen out of favour in some countries due to cost overruns, inflexible contracts and disputes over value for money. These experiences serve as a cautionary reminder for Saudi Arabia.

    While PPPs can attract private investment and accelerate delivery, they also require careful structuring, rigorous due diligence and transparent governance. The Saudi government must, therefore, maintain oversight while allowing private partners the flexibility to innovate.

    For the Qiddiya high-speed rail, meticulous project planning, a credible feasibility framework and maintaining private sector confidence in regulatory stability will be vital.

    If executed well, the Qiddiya high-speed rail could become a benchmark for future PPP ventures in the Gulf. The scheme stands as both a symbol and a significant challenge in Saudi Arabia’s broader drive to modernise its transport sector under Vision 2030.

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