meed-logo

line1 line2 line3
SIGN IN / REGISTER

Top 10 plans for Saudi Arabia’s $1 trillion capital

27 July 2023

 

> This package also includes: Saudi Arabia plans $1 trillion capital

Register for MEED's guest programme 

1. New Murabba

In early 2023, Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz al-Saud launched New Murabba Development Company (NMDC) to develop the world’s largest modern downtown in Riyadh. 

Located to the northwest of the capital, the development will cover an area of 19 square kilometres. It will feature more than 104,000 residential units, 9,000 hotel rooms and over 980,000 square metres of retail space. 

The centrepiece will be the Mukaab, a 400 cubic-metre structure that will be the world’s first immersive destination, featuring digital and virtual technology. The Mukaab will include a tower atop a spiral base.

The estimated project cost is more than $50bn and it is scheduled for completion by 2030.

Contractors win New Murabba early works deals


UK consultancy firm Atkins is working on the New Murabba project in Riyadh, which includes the 400-metre-cubed, Najdi-inspired Mukaab building. Another UK firm, Buro Happold, is working with Atkins on the project

2. Diriyah Gate

Announced in 2019, the Diriyah Gate project spans 7.1 million sq m to the northwest of Riyadh. The masterplan includes the three-phased development of several areas in Diriyah, including Wadi Safar, Wadi Hanifah Park, Bujairi District, Arts District, Samhan District and Diriyah Square.

Projects worth $12.6bn are in execution at Diriyah Gate, according to regional projects tracker MEED Projects, while $9.5bn-worth of schemes are in design and tendering stages. 


Artist's rendition of Diriyah Gate’s King Salman Square, one of the meeting places planned for the 7.1 million square-metre development

3. King Salman Park

King Salman Park is being built on more than 16 sq km and will become the world’s largest urban park. The project was officially announced in 2019 and is split into three phases. 

Saudi-based Modern Building Leaders is building the SR7.5bn ($2bn) Royal Art Complex. A joint venture of Freyssinet Saudi Arabia and the local Haif Company is carrying out the infrastructure works. Freyssinet is also delivering the main works package for the visitors’ centre at the park, and Saudi-based E A Juffali & Brothers is providing mechanical, electrical and plumbing services. 

At King Salman Park, projects worth more than $5bn are in execution, while projects under design and tender are valued at about $2.7bn.

Contractors win $2.5bn of work at King Salman Park


Covering an area of 16.9 sq km, King Salman Park is located to the south of King Abdullah Road, to the north of Makkah al-Mukkarramah Road and to the west of the Eastern Ring Road. The east of the site has a military airbase with two runways

4. Sports Boulevard

Riyadh Sports Boulevard was unveiled in March 2019 by King Salman bin Abdulaziz al-Saud. The development will span 135km on Prince Mohammed bin Salman bin Abdulaziz Road.

The project will be split into eight zones and features the development of 50 sports facilities, arts and recreational facilities, and green and open spaces spanning 4.4 million sq m. As of March 2023, $3.1bn-worth of projects had been awarded.

In early 2023, the local Almabani secured a $2bn contract for the construction of five packages of the project. 

Sports Boulevard Foundation invited firms to submit bids in early August for a contract to provide project management consultancy services for schemes that include several iconic buildings at Sports Boulevard.


Sports Boulevard runs across Riyadh from east to west. Once complete, it will be the world’s longest park at over 135km

5. Seven

Saudi Entertainment Ventures (Seven), a wholly owned subsidiary of the Public Investment Fund (PIF), began construction on the first of its two entertainment districts in Riyadh in January 2022. Named Exit 10, the project is being executed by Indian contractor Shapoorji Pallonji, which secured a deal worth more than $370m. 

Exit 10 is at the most advanced stage of construction out of the 21 planned entertainment complexes in 14 cities across the kingdom. 

A second entertainment district, Exit 15, is under construction in the Al-Nahdah area of Riyadh. The contractor on the scheme is Consolidated Contractors Company, and US-based Aecom is the consultant. The project is expected to be completed by the end of 2025.

6. Misk Nonprofit City

Mohammed bin Salman Nonprofit City (Misk) is a masterplanned development covering 3.4 sq km in Riyadh. It includes commercial, educational, cultural, exhibition, hospitality, residential and retail spaces located in different zones. 

In November 2021, Crown Prince Mohammed bin Salman announced that the Misk Foundation development will be the world’s first non-profit city. 

The consultants working on the project include Germany’s Albert Speer + Partner as masterplanner and architect, and UK-based Buro Happold as engineer. The project manager for the first phase of construction is UK-based Mace.

7. King Salman International airport

The development of King Salman International airport was announced in November 2022 by Crown Prince Mohammed bin Salman. The project is backed by PIF and will span an area of about 57 sq km.

The airport is expected to be one of the world’s largest, and will be powered by renewable energy. 

It aims to accommodate 120 million passengers by 2030 and 185 million passengers by 2050, with the capacity to process 3.5 million tonnes of cargo. 

The airport will have six parallel runways and will include the existing terminals at King Khalid International airport. 


If completed on time in 2030, King Salman International airport will become the world’s largest airport in terms of passenger capacity

8. Roshn

Launched by PIF, Roshn is an initiative by the government to promote real estate sector activity in the kingdom and increase homeownership rates among Saudi citizens to 70 per cent by 2030.

Roshn is developing the Sedra community in northeast Riyadh, which is masterplanned to include 30,000 homes. Construction work is ongoing on packages from phases one and two. 

Warefa is Roshn’s second community project. Located in the Al-Janadriyah district of Riyadh, it was announced in March 2023. The project will cover 1.4 million sq m and have more than 2,000 housing units.


Public Investment Fund-backed Roshn has integrated power-saving technologies and adopted water treatment and reuse across the communities it is developing in the kingdom

9. NHC Housing schemes

National Housing Company (NHC) is the investment arm of the Municipal, Rural Affairs & Housing Ministry in the residential and commercial real estate sectors. Its main suburban developments in Riyadh are Khuzam and Al-Fursan. 

According to data from MEED Projects, packages worth over $784m are under execution in Khuzam. 

In February, NHC announced the second phase, spanning more than 21 million sq m and including 30,000 homes.

NHC and Saudi Arabia’s Housing Ministry have also signed investment agreements totalling more than SR24bn ($6.4bn) to launch the Al-Fursan suburb in northeast Riyadh. 

It is the largest scheme in terms of the area and the number of housing units that NHC is implementing in partnership with Saudi real estate developers. Delivery of the first batch of homes is set for 2026.

10. North Pole

PIF is planning a 2km megatall tower as part of an 18 sq km masterplanned development to the north of Riyadh. 

The proposed tower will be more than double the height of the world’s tallest building, Dubai’s Burj Khalifa, which is 828 metres tall. The project could cost about $5bn to construct. 

Several international architecture firms have been invited to participate in a design competition for the project. UK-headquartered EY conducted the feasibility study for the development.

Gigaproject seeks firms for Riyadh rail link
Qiddiya has sought consultants for its Q-Express rail link that will connect the entertainment city with King Salman airport

Main image credit: Riyadh Expo 2030

https://image.digitalinsightresearch.in/uploads/NewsArticle/11031005/main.gif
Yasir Iqbal

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Oman prepares for wave of IPP awards

    3 December 2025

     

    Contract activity in Oman’s power sector slowed in 2025, yet the sultanate is entering the new year with its diversification plans advancing and procurement for independent power projects (IPPs) gathering pace.

    In the renewables segment, progress continued in September with the award of the sultanate’s fourth large-scale solar IPP. The 500MW Ibri 3 solar IPP was awarded to a consortium of Abu Dhabi Future Energy Company (Masdar), Korea Midland Power and local firms Al-Khadra Partners and OQ Alternative Energy.

    The project also incorporates a 100MWh battery system, making it Oman’s first utility-scale solar-and-storage development.

    Ibri 3 accounted for almost 60% of the power contract awards in 2025. While this reflects a quieter year for investment, it also highlights the transition taking place in the market, with attention shifting towards grid reinforcement and preparations for a series of IPPs expected to advance over the coming period.

    The inauguration of the 500MW Manah 1 and Manah 2 solar IPPs earlier in the year added further capacity, building on the operational Ibri 2 plant, which came online in 2021.

    Wind procurement also continues to advance. In November, Nama Power & Water Procurement Company (Nama PWP) signed a 20-year power purchase agreement with a joint venture of Singapore’s Sembcorp Utilities and OQ Alternative Energy for the Dhofar 2 wind IPP.

    The 125MW plant is scheduled to begin operations in the third quarter of 2027 and will add capacity to the Dhofar Power System (DPS), where Oman’s first commercial wind farm, the 50MW Dhofar project, already operates.

    In the DPS, peak demand is anticipated to grow by 5% a year, from 612MW in 2022 to 837MW in 2029. The Sadah wind IPP, which will add around 99MW to the system once operational, is expected to move forward in the coming months.

    Overall, the direction of the sector remains aligned with national plans to increase renewable energy’s share of electricity generation to 30% by 2030 and expand steadily thereafter.

    Oman’s renewable energy programme is expected to expand considerably by 2030, with about 4.5GW of solar IPPs and around 1GW of wind farms planned across multiple sites.

    Increasing wind power

    The wider wind programme includes the Duqm and Mahoot wind IPPs, which are moving forward and will have a combined generation capacity of more than 600MW. In October, Nama PWP issued a supervisory consultancy services tender for the Duqm project.

    Several awards are expected in the near term. Jalan Bani Bu Ali, a wind IPP of about 100MW, and the 280MW Al-Kamil Wal Wafi solar photovoltaic IPP are among four IPPs currently under bid evaluation.

    While Oman continues to scale up renewable capacity, the need for firm generation remains. Peak demand in Oman’s Main Interconnection System (MIS) is expected to grow at an average of 3.4% a year over the current planning period, reaching about 8,350MW in 2029, up from 6,628MW in 2022. 

    Demand in the MIS is likely to continue rising through the decade, supported by industrial growth, population increases and development in economic zones such as Duqm.

    Nama PWP aims to meet this requirement with two major thermal schemes: the $1.53bn gas-fired Misfah IPP and the $753m Duqm IPP. The state offtaker has received three bids for the development and operation of the plants, which together will supply 2,400MW and are scheduled to begin delivering early power by April 2028.

    Developing the grid

    Similar to previous planning cycles, grid development remains a priority. In September, the GCC Interconnection Authority signed a $500m interim financing agreement with Sohar International Bank to support the development of the direct Oman-GCC electricity interconnection.

    The project involves constructing a 400-kilovolt double-circuit line stretching approximately 530km between the Al-Sila station in the UAE and a new Ibra substation in Oman.

    Once completed, the link will enhance regional power exchange capability, improve reserve margins and support the integration of intermittent renewable power.

    These regional works complement domestic transmission upgrades, including the continued expansion of the Rabt North-South Interconnection. The first phase, completed in 2023, connected the MIS with the Duqm Power System.

    Construction works are ongoing on the second phase, which is expected to reinforce the 400kV backbone southwards toward Dhofar.

    New technologies are also emerging in Oman’s power programme. Ibri 3 represents the first deployment of utility-scale battery storage in the sultanate, setting a precedent for integrating storage with future renewable projects. 

    In parallel, Nama PWP and Oman Environmental Services Holding Company (Beah) are preparing to tender the main contract for a 100MW waste-to-energy (WTE) project in Barka.

    Estimated to cost almost $1bn, the scheme would be Oman’s first major WTE facility and reflects broader efforts to embed circular-economy principles into the national infrastructure programme.

    Water sector

    The water sector recorded a solid year, with about $1bn in contract awards, although activity remained below 2024 levels.

    In March, China National Electric Engineering Corporation (CNEEC) won the main contract for a $200m deep-sea desalination project, heading a list of smaller wastewater and transmission packages awarded across 2025.

    Following the commissioning of the Barka 5 independent water project (IWP) and continued construction on the Ghubrah 3 IWP, planning attention has shifted to the next cycle of capacity.

    The next major scheme expected to move forward is a $150m desalination plant in Dhofar, with a planned capacity of 22 million imperial gallons a day.

    Rising water demand in Sharqiyah and Dhofar continues to guide long-term planning with more than $800m-worth of water transmission and treatment schemes set to be awarded in the near to medium terms.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15196122/main.gif
    Mark Dowdall
  • Local contractor wins Saudi substation deal

    3 December 2025

    Saudi-based Nesma Infrastructure & Technology has signed a contract with state-owned utility Saudi Electricity Company (SEC) for the replacement of the Jubail Southeast 230/115/34.5kV substation.

    The project includes overhead transmission line (OHTL) works and is valued at more than SR840m ($224m). It is scheduled to be delivered within 20 months.

    The award form part of SEC's ongoing programme to upgrade ageing substations and reinforce network capacity in the Jubail industrial area.

    In September, local contractor Al-Fanar Projects was appointed to replace the Jubail South West 230/115KV substation, one of several transmssion assets in the region undergoing phased renewal.

    As MEED recently reported, Sec has plans to invest SR220bn ($58.7bn) in power projects by 2030. This includes SR135bn ($36bn) and SR85bn ($22.7bn) for transmission and distribution, respectively.

    According to the utility, its planned upgrades will cover 130 high-voltage substations, 135,000 MVA of capacity, 12,900 kilometres of overhead transmission lines and 1,100km of underground cables.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15195824/main.jpg
    Mark Dowdall
  • SEC signs $347m power works deal for Soudah Peaks

    3 December 2025

    Register for MEED’s 14-day trial access 

    Saudi Electricity Company (SEC) has announced that its transmission subsidiary, National Grid, has signed a SR1.3bn ($347m) agreement with Soudah Development to deliver the electrical infrastructure for Saudi Arabia’s Soudah Peaks project.

    Soudah Peaks is a major high-altitude tourism and real estate development in the Asir mountains, led by Soudah Development, a wholly owned Public Investment Fund (PIF) company.

    The $7.7bn project includes hotels, resorts, residential units, entertainment facilities and outdoor activity zones at elevations of up to 3,000 metres. It will be developed over three phases, with full completion scheduled for 2033.

    Under the agreement, National Grid will develop a full integrated electrical network to support the project’s phased construction.

    The scope includes a central 380/132kV transmission substation with a capacity of 500MVA and two 13.8/132kV substations. The company will also build the electrical interconnection needed to supply all stages of the development.

    The first phase of the initiative will see the development of 454 residential units, 1,010 hotel keys and retail space with a gross leasable area of 20,625 square metres by 2027.

    The overall project includes the development of six main areas: Red Rock Mountain, Tahlal gateway to Soudah Peaks, Sahab, Sabrah, Jareen and Rijal.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15194632/main.jpg
    Mark Dowdall
  • Jeddah Economic Company appoints new CEO

    3 December 2025

    Register for MEED’s 14-day trial access 

    Jeddah Economic Company (JEC), the developer of the world’s tallest tower project, has appointed Fabian Toscano as its new CEO.

    In an official statement, JEC said: “Toscano will lead the next phase of development for Jeddah Economic City and the Jeddah Tower. His focus will include accelerating development activity, strengthening global collaborations, and shaping a world-class destination aligned with the ambitions of Saudi Vision 2030.”

    Toscano has previously served as the CEO of AlUla Development Company.

    Last year, JEC signed an estimated SR8bn, 42-month contract with SBG to resume construction work on the tower. SBG then began engaging with the supply chain to work on the project. SBG awarded Beijing-headquartered Jangho Group a facade works contract that involves engineering design and technical services for the project’s structural glass and adhesive curtain walls. 

    At the time, Jeddah Tower’s superstructure was about one-third complete, with 63 floors out of a total 157. SBG was the main contractor on the project in the early and mid-2010s. Germany’s Bauer completed the tower’s piling work.

    The architect is US-based Adrian Smith & Gordon Gill, and the engineering consultant is Lebanon’s Dar Al-Handasah (Shair & Partners).

    Jeddah Tower is the centrepiece of the Jeddah Economic City development. The project’s first phase, which includes the main tower, covers an area of 1.5 million square metres.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15194477/main.gif
    Yasir Iqbal
  • Saudi Arabia approves 2026 state budget

    3 December 2025

    Saudi Arabia has approved a SR1.313tn ($349bn) state budget for fiscal year 2026, maintaining an expansionary spending stance as it pursues its Vision 2030 economic transformation agenda.

    The Ministry of Finance’s Final Budget Statement, released on 2 December, projects revenues of SR1.147tn, leaving an estimated deficit of SR165bn, equivalent to about 3.3% of GDP. The figures are broadly in line with the projections set out in October’s pre-budget statement.

    Finance Minister Mohammed Aljadaan said the 2026 budget underlines Riyadh’s commitment to sustaining economic diversification and social development while preserving fiscal sustainability over the medium term. He stressed that citizens remain the core focus of spending plans, with continued allocations for education, health and social services, alongside investments in infrastructure and quality-of-life improvements across the kingdom’s regions.

    Non-oil activities are expected to remain the main engine of growth. Initial estimates for 2025 point to a 5% expansion in non-oil GDP, supported by higher investment and consumption, while real GDP is forecast to grow by 4.6% in 2026, driven primarily by non-oil sectors.

    Public debt is projected to rise to SR1.457tn in 2025 (31.7% of GDP) and SR1.622tn in 2026 (32.7% of GDP). Aljadaan said the debt profile remains sustainable by international standards and confirmed that the government will continue to tap local and international debt markets and alternative financing channels to cover the deficit and refinance maturing obligations.

    Government reserves held at the Saudi Central Bank are expected to remain stable at around SR390bn through the end of 2026, supporting the kingdom’s capacity to absorb external shocks. The minister said ongoing structural and fiscal reforms have strengthened public finance management and enhanced the resilience of the Saudi economy amid a challenging and uncertain global environment.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15194673/main.gif
    Colin Foreman