Saudi Arabia plans $1 trillion capital
26 July 2023

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In late June, a Saudi delegation led by Crown Prince Mohammed bin Salman visited Paris to present Riyadh’s bid for hosting Expo 2030 to the Bureau International des Expositions.
The reveal of the masterplan for the $7.8bn Expo site is the latest move by Riyadh to make the Saudi capital one of the world’s top 10 cities with a population of 15-20 million.
Prince Mohammed set out the objectives in January 2021. “Our target is to have Riyadh become one of the top 10 largest city economies in the world.
“Today it is ranked among the top 40 largest city economies worldwide. Our target is to increase its population from 7.5 million to around 15-20 million in 2030,” he said in a broadcast interview with former Italian Prime Minister Matteo Renzi.
Prince Mohammed explained the rationale for doubling the size of Riyadh. “There is no doubt that the world economies are not only based on countries but rather cities. Eighty-five per cent of the world economy comes from cities, and in the next few years, this number will increase to 95 per cent.”
Riyadh’s assets
Developing Riyadh will build on its existing strengths. “Riyadh has very special features. Today Riyadh represents about 50 per cent of the non-oil economy in the Kingdom of Saudi Arabia,” said Prince Mohammed.
“The cost of job creation is 30 per cent less than in other cities in Saudi Arabia. The cost of infrastructure and real estate development is 29 per cent less.”
Heading off any questions about Riyadh’s ability to deliver such ambitious plans, Prince Mohammed referred to the city’s historical growth.
“The infrastructure is already quite outstanding because of the work done by King Salman over a period of more than 58 years, during which he managed to grow a city of 150,000 residents into a metropolis of 7.5 million people,” he said.
Turning these plans into reality will require massive investment. Speaking at the Expo presentation in June, Minister of Investment Khalid al-Falih revealed that $1tn of investment is planned for the Saudi capital. He said Saudi Vision 2030 targets national-level investments of over $3.3tn by the end of the decade, with at least 30 per cent allocated to the city of Riyadh.
Construction boom
Riyadh is already experiencing an uptick in construction activity, according to data from regional projects tracker MEED Projects. Since bottoming out in 2017 during the austerity-driven years following the 2014 collapse in oil prices, the annual total of contract awards has been steadily climbing.
In 2022, there were $12.2bn in contract awards, the highest on record since 2013, when there were $32bn of awards. The total in 2013 was boosted by the $23bn of contract awards signed in one day for the Riyadh metro. Without those awards, 2022 would be Riyadh’s best year for project activity.
There were $12.2bn of awards in 2022, the highest since 2013
More awards are expected. There are nearly $9bn of contracts at the bid evaluation stage, which, if awarded this year, will push the annual total to over $20bn. Looking further ahead, there are another $9bn of contracts at the bidding stage and $6bn at prequalification. There are $110bn in design and $60bn under study.
The future pipeline includes some of the most ambitious projects to be launched in Saudi Arabia over the past year.
In February, New Murabba Development Company was launched to develop the world’s largest modern downtown on 19 square kilometres of land at the intersection of King Salman and King Khalid roads to the northwest of the city. The project includes the cube-shaped Mukaab building, which will be 400 metres high, 400 metres wide and 400 metres long.
Contractors win New Murabba early works deals
In November last year, King Salman International airport was launched. If completed on time in 2030, it will become the world’s largest airport in terms of passenger capacity, accommodating up to 120 million passengers by 2030 and 185 million by 2050. It will cover an area of about 57 square kilometres, allowing for six parallel runways.
There are also projects that have not yet been announced. The Public Investment Fund is understood to be close to appointing an architect for a 2-kilometre-tall tower in the north of the city. Once the project is completed, it will be more than double the height of the world’s tallest building: Dubai’s 828-metre-tall Burj Khalifa.
Another major building programme could emerge if Riyadh succeeds in its bid to host football’s Fifa World Cup in 2030 with Egypt and Greece.
These projects will join others that have moved into construction over the past few years, such as Diriyah Gate, King Salman Park, Sports Boulevard, Roshn’s Sedra and Warefa developments, Saudi Entertainment Ventures’ Exit 10 and Exit 15 projects and Qiddiya entertainment city.
As the project workload builds, the race to deliver has started. Competition for resources has risen, putting upward pressure on prices. In its latest global construction costs report, UK consultant Turner & Townsend said the Riyadh market is already overheating and will warm further in the future.
With so much activity pinned on Vision 2030 and possibly Expo 2030 and the 2030 World Cup, there are questions about what comes next. Unlike Doha after the 2022 World Cup, and to a lesser extent Dubai Expo, there are more major events coming to Riyadh, including the 2034 Asian Games, which it secured in December 2020.
Main image credit: Riyadh Expo 2030
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Alexandria wastewater treatment plant
The Authority for Potable Water and Wastewater is planning to build a wastewater treatment plant in eastern Alexandria.
The $150m facility will have a water treatment capacity of 300,000 cm/d.
In June 2025, Egypt’s government approved a financing and grant agreement for the project, with financing from the French Development Agency amounting to €68m and a grant of €2m.
Expression of interest documents were previously submitted in September 2024.
The main contract for this plant had been expected to be released in June.
Wastewater upgrades
Separately, the Construction Authority for Potable Water & Wastewater retendered the phase four expansion of the Abu Rawash wastewater treatment plant in Giza Governorate in January.
The $157m scheme will be developed under a design, build, operate and maintain contract.
The plant will have a treatment capacity of 400,000 cm/d, rising to peak flows of 520,000 cm/d. The authority issued the initial main contract tender last August.
It is unconfirmed whether this has moved beyond the bidding stage.
Egypt currently produces between 1.5 million cm/d and 2 million cm/d of desalinated water. The country aims to increase capacity to between 8 million cm/d and 9 million cm/d by 2050.
In March, Egypt’s cabinet approved a $1.2m grant agreement with the European Investment Bank to support wastewater treatment upgrades in Alexandria and Damietta.
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The grant will also support expansion works at the Kafr El-Battikh wastewater treatment plant in Damietta Governorate.
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Momentum builds for Syrian projects25 May 2026

Support from the US, as well as the closure of the Strait of Hormuz, has increased expectations about the development of infrastructure projects in Syria.
On 22 May, the US published guides to investing in Syria, funded by the US Department of State, that pointed investors towards 590 planned projects in the country.
The permanent removal of US sanctions in December last year, combined with fallout from the closure and disruption to shipping through the Strait of Hormuz, has boosted interest in planned projects in the country.
Shipping through the Strait of Hormuz has been disrupted since the US and Israel attacked Iran on 28 February.
The route normally transports about 11 million barrels a day of oil and around 20% of the world’s liquefied natural gas, as well as a range of other key materials and consumer goods.
The disruption to shipping through the strait has left nations in the Middle East scrambling to find new routes for imports and exports – and Syria plays a role in many of these new plans.
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Energy corridors
Already, Iraq is moving a large volume of oil by truck across the country to export it from Syria’s Mediterranean ports, such as Latakia or Tartous.
In April, Iraq’s state-owned oil marketing company, Somo, said it had awarded contracts to supply about 650,000 metric tonnes of fuel oil per month for overland trucking across Syria.
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The pipeline originally went into operation in April 1952.
During the 2003 invasion of Iraq, the pipeline was damaged by US air strikes and has remained out of operation since then.
There have been repeated attempts to either refurbish the existing pipeline or build a new one along the same route, but none has been successful.
In December 2007, Syria and Iraq agreed to rehabilitate the pipeline. The pipeline was to be reconstructed by Stroytransgaz, a subsidiary of Russia’s Gazprom.
However, Stroytransgaz failed to start the rehabilitation, and the contract was nullified in April 2009.
The disruption to shipping through the Strait of Hormuz has added a new urgency to the project to reestablish pipeline flows from Iraq to Baniyas.
Syria could also play a role in plans for a pipeline to transport gas from Qatar to Europe via Syria and Turkiye.
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The pipeline connects Egypt, Jordan, Syria and Lebanon, although the Lebanese section is not currently operational.
Trade routes
Beyond oil and gas, Syria is emerging as a key part of other plans for new trade routes.
Earlier this month, Syria’s Transport Minister Yarub Badr said the country was seeking to restore its role as a regional transit corridor linking Europe and the Gulf by reviving cross-border trucking and rehabilitating railway connections with neighbouring countries.
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Tartous port
Also this month, executives from the UAE’s DP World and Syria’s General Authority for Borders and Customs (GABC) met to discuss accelerating the development of Syria’s Port of Tartous.
Essa Kazim, chairman of DP World, met with Qutaiba Ahmed Badawi, chairman of GABC, to discuss opportunities to enhance infrastructure and logistics efficiency, ensuring the Port of Tartous is well-equipped to handle the anticipated rise in trade and cargo volume.
DP World’s plans to develop the Port of Tartous form part of a 30-year concession agreement signed in July 2025 with the Syrian government.
Under the agreement, DP World committed to invest $800m to upgrade infrastructure, expand capacity, and introduce modern cargo-handling and advanced digital systems.
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Rizwan Soomar, DP World’s chief executive and managing director for Central Asia, the Levant and Egypt, said: “The Port of Tartous development marks a defining moment in Syria’s journey of economic recovery and modernisation of its trade infrastructure. We are proud to contribute to this vital phase of growth.”
Located on Syria’s Mediterranean coast, the Port of Tartus is the country’s second-largest port and a key maritime gateway to trade routes across Europe, the Levant and North Africa.
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US interest
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Badr said that companies were needed to update economic and technical studies for some projects.
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Consultant wins Jeddah metro design22 May 2026

French engineering firm Egis has been appointed to undertake the preliminary design consultancy for the Jeddah Metro Blue Line project.
The project client, Jeddah Development Authority, issued the tender in early January, when MEED exclusively reported that Saudi Arabia had restarted plans to build the Jeddah Metro.
Engineering consulting firms submitted bids in April, as MEED reported.
The Blue Line will run from King Abdulaziz International airport and connect to the Haramain high-speed railway station.
The line will be 35 kilometres (km) long and will include 15 stations.
Project history
Plans for the Jeddah Metro were first publicly floated in the early 2010s and were formally packaged into a wider Jeddah public transport programme around 2013-14.
In 2014, French engineering firm Systra was appointed to complete preliminary engineering for the Jeddah Metro, as MEED reported at the time.
In the same year, US-based engineering firm Aecom was awarded a SR276m ($74m) contract to provide pre-programme management consultancy services.
Under its 18-month contract, Aecom was expected to provide staff to support preliminary planning and design work for various phases of the metro project.
This was followed by the appointment of UK-based architectural firm Foster + Partners in 2015 to design the metro stations.
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Early concept designs envisaged a multi-line network integrated with buses and, later, other city-wide mobility upgrades.
Route details
According to Jeddah Transport Company’s website, the scheme comprises 81 stations and 197 trains serving more than 161km. The network will have four lines:
- Orange Line: a 44.8km line running along Al-Madinah Road and Old Makkah Road, with 29 stops including one at Obhur Bridge
- Blue Line: a 35km line running from King Abdulaziz International airport to the Haramain high-speed railway station, with 15 stations
- Green Line: a 17km line running through the city centre, from the downtown area to the Haramain railway station, with nine stops
- Red Line: A 59.7km line running from King Abdullah Stadium north to Old Makkah Street through King Abdulaziz Road and King Abdullah Road, with 25 stops
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Expo Riyadh tenders Saudi Arabia pavilion22 May 2026

Expo 2030 Riyadh Company (ERC), tasked with delivering the Expo 2030 Riyadh venue, has tendered a contract to build the Saudi Arabia pavilion at the site.
The tender was issued on 19 May, with a bid submission deadline of 26 August.
The pavilion is a major asset located within the KSA District on the eastern side of the Expo 2030 Riyadh masterplan, within the Loop of Nations district.
The tendering of the pavilion structure follows swift progress on the site’s infrastructure development works.
In April, ERC awarded two contracts for the next phase of infrastructure works at the site to local firm Al-Yamama Company.
The scope covers the construction of road networks and infrastructure for water, sewage, electricity, telecommunications and electric vehicle charging.
These awards followed ERC’s January award of an estimated SR1bn ($267m) contract for initial infrastructure works at the site to local firm Nesma & Partners. That scope covers about 50 kilometres of integrated infrastructure networks, including internal roads and essential utilities such as water, sewage, electrical and communication systems, and electric vehicle charging stations.
The overall infrastructure works – covering the construction of main utilities and civil works at Expo 2030 Riyadh – are 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
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, and will provide direct access to various landmarks within Riyadh.
The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, launched ERC – a wholly owned subsidiary – in June last year to build and operate facilities for Expo 2030.
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> COMMENT: Risk accelerates Saudi spending shift
> GVT &: ECONOMY: Riyadh navigates a changed landscape
> BANKING: Testing times for Saudi banks
> UPSTREAM: Offshore oil and gas projects to dominate Aramco capex in 2026
> DOWNSTREAM: Saudi downstream projects market enters lean period
> POWER: Wind power gathers pace in Saudi Arabia
> WATER: Sharakat plan signals next phase of Saudi water expansion
> CONSTRUCTION: Saudi construction enters a period of strategic readjustment
> TRANSPORT: Rail expansion powers Saudi Arabia’s infrastructure pushTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/16949696/main.jpg

