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
  • Engineering progresses on Ras Laffan LNG terminal berths

    16 September 2026

     

    Register for MEED’s 14-day trial access 

    Front-end engineering and design (feed) works are progressing on a QatarEnergy LNG project to build 13 liquefied natural gas (LNG) loading berths at the south export terminal in Qatar’s Ras Laffan Industrial City.

    Ras Laffan Industrial City, which lies about 90 kilometres north of Doha, is the world's largest integrated LNG production and export complex, comprising 15 processing trains with a total capacity of 77.5 million tonnes a year (t/y). QatarEnergy began LNG operations at the facility, which houses all its processing trains and export infrastructure, in 1984.

    According to sources, QatarEnergy LNG, a subsidiary of state enterprise QatarEnergy, awarded the feed contract for the project to build 13 LNG berths at the south export terminal at Ras Laffan to Australia-headquartered Worley.

    The contract was awarded to Worley in the second quarter of this year. Its duration is estimated to be 200,000-250,000 man hours, sources told MEED.

    Ras Laffan’s LNG processing and export capabilities will increase by up to about 63% when the three phases of QatarEnergy’s estimated $40bn North Field LNG expansion project come into operation by the end of this decade. Engineering, procurement and construction (EPC) works on all three projects are progressing.

    QatarEnergy is understood to have committed nearly $30bn to the first two phases – North Field East (NFE) and North Field South (NFS) – which will lift Qatar’s LNG production capacity from 77.5 million t/y to 126 million t/y by 2028.

    QatarEnergy awarded the main EPC contracts for NFE in 2021. The project was intended to raise LNG output to 110 million t/y by 2025. The $13bn EPC package – covering the engineering, procurement, construction and installation of four LNG trains, each with a capacity of 8 million t/y – was awarded in February 2021 to a consortium of Japan’s Chiyoda and France’s Technip Energies.

    In May 2023, QatarEnergy awarded the $10bn main EPC contract for NFS to a consortium of Technip Energies and Consolidated Contractors Company (CCC). The contract includes two LNG trains, each with a capacity of 7.8 million t/y.

    Once fully operational, the first two phases are expected to add 48 million t/y of LNG supply to the global market.

    QatarEnergy took the final investment decision on the third phase, North Field West (NFW), this year, awarding an EPC contract estimated at $8bn to a joint venture comprising Technip Energies, CCC and Gulf Asia Contracting in February.

    Chiyoda carried out the feed work for the NFW LNG project.

    The NFW scope covers the EPC of two LNG trains with a combined capacity of 16 million t/y, as well as associated facilities for gas treatment, natural gas liquids recovery and helium extraction.

    In addition to LNG, NFW is expected to produce about 175,000 barrels of oil equivalent a day of condensate, ethane and liquefied petroleum gas.

    With all three phases under EPC execution – and NFE scheduled for commissioning later this year – QatarEnergy is positioning itself to remain one of the world’s largest LNG suppliers in the long term.

    READ THE SEPTEMBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Nuclear power ambitions gather pace; Kuwait keeps dealmaking alive despite war; Region invests in raising gas processing capacity.

    Distributed to senior decision-makers in the region and around the world, the September 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/19715235/main5946.jpg
    Indrajit Sen
  • Design completed for Libyan oil field development

    16 September 2026

     

    Register for MEED’s 14-day trial access 

    Design work has been completed for a project to develop Libya’s I/R oil field, according to industry sources.

    The front-end engineering and design work was completed by a team in the London offices of Italy’s EniProgetti and paves the way for the main engineering, procurement and construction contract to be tendered.

    One source said: “At the moment, there is no fixed date for when the invitation to bid for the main contract will be issued, but the project has a lot of momentum and is progressing towards tendering.”

    The I/R oil field is located in Murzuq Basin in southwestern Libya.

    In June this year, Libya's National Oil Corporation (NOC) signed a unified operating agreement for the field.

    The I/R field is operated by Akakus Oil Operations, which is a joint venture of NOC in partnership with Spain’s Repsol, France’s TotalEnergies Repsol, Austria’s OMV and Norway’s Equinor.

    The agreement in June was signed by NOC as well as its concession partners.

    NOC said the agreement would unify operational and administrative procedures related to field management, optimise resource utilisation and support production sustainability.

    READ THE SEPTEMBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Nuclear power ambitions gather pace; Kuwait keeps dealmaking alive despite war; Region invests in raising gas processing capacity.

    Distributed to senior decision-makers in the region and around the world, the September 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/19711588/main.jpg
    Wil Crisp
  • QatarEnergy selects contractors for offshore oil field expansion

    16 September 2026

     

    Register for MEED’s 14-day trial access 

    QatarEnergy has selected contractors for the two main engineering, procurement and construction (EPC) packages of its estimated $4bn-$5bn Maydan Mahzam offshore oil field expansion project in Qatar.

    The Qatari energy giant has selected a consortium of state-owned PetroVietnam Technical Services Corporation (PTSC) and Singapore-based Seatrium for package one of the Maydan Mahzam field expansion project, according to sources.

    State-owned China Offshore Oil Engineering Company (COOEC) has secured package two of the project, sources told MEED.

    Additionally, PTSC has confirmed its contract award for the first engineering, procurement, construction and installation (EPCI) package in a disclosure to the Hanoi Stock Exchange, saying its wholly owned subsidiary PTSC Mechanical & Construction had received a letter of award from QatarEnergy. The company added that “the parties will continue discussions to finalise and execute the definitive contract, which is expected to be signed in October 2026”.

    In its filing, PTSC added that its scope of work covers “the provision of engineering, procurement, construction, transportation, offshore installation, hook-up, commissioning and brownfield modification services for the [Maydan Mahzam] project”.

    MEED reported in late August that the consortium of PTSC and Seatrium had emerged as the frontrunner for package one of the expansion project.

    At the time, US-based McDermott was ahead in the race to win package two. However, COOEC is understood to have presented "better terms to the client in the final rounds of negotiations”, sources said.

    QatarEnergy issued the main tender for the Maydan Mahzam oil field expansion project in February 2025, with EPC works divided into four packages, MEED previously reported.

    Contractors submitted technical bids for the project’s two main EPC packages in September 2025, sources said.

    After QatarEnergy granted several extensions to the deadline for the submission of commercial bids for the two packages – initially set for 1 March – contractors submitted their prices by 21 June, MEED reported.

    The following contractors, among others, are understood to have submitted bids for the two main packages of the project:

    Package one:

    • China Offshore Oil Engineering Company (China)
    • Hanwha Ocean (South Korea)
    • Hyundai Heavy Industries (South Korea)
    • Larsen & Toubro Energy Hydrocarbon (India)
    • PetroVietnam Technical Services Corporation (Vietnam) / Seatrium (Singapore)
    • Saipem (Italy)

    Package two:

    • Allseas (Netherlands)
    • China Offshore Oil Engineering Company (China)
    • Larsen & Toubro Energy Hydrocarbon (India)
    • McDermott (US)
    • Saipem (Italy)

    The Maydan Mahzam oil field lies about 100 kilometres (km) northeast of the Qatari coastline and 28km southeast of Halul Island, located in water depths of about 40 metres. The field, together with the nearby Bul Hanine field, was discovered in the 1960s and has been in production since 1965.

    QatarEnergy is undertaking the project to upgrade infrastructure at Maydan Mahzam to extend the life of this maturing asset and maintain productivity over the long term.

    The scope of work for package one includes the EPC of seven new topsides, requiring the fabrication of structures weighing more than 78,000 metric tonnes in total. The main process topside will weigh 19,400 metric tonnes, while the other topsides will consist of 10-legged jackets.

    The scope also includes modifications to five existing topsides, four new bridges, eight-tonne support platforms with jackets, brownfield work on Halul Island and the installation of pipelines and cables.

    The scope of work for package two covers the EPCI of topsides, umbilicals and cables.

    ALSO READ: Contractors submit bids for Dukhan field facilities upgrade

    In addition to advancing its gas production and liquefied natural gas ambitions, QatarEnergy committed significant capital expenditure last year to increasing oil output capacity from its offshore fields.

    In August 2025, QatarEnergy selected contractors for the EPC works on a project to maintain and increase production potential at the Bul Hanine offshore oil field. The EPC scope was divided into three main packages, with COOEC being awarded the first two packages and Qatari contractor Doha Petroleum Construction Company (Dopet) being selected for the third. In addition, COOEC appointed US-based KBR to provide detailed engineering services for the first and second packages.

    Separately, last September, QatarEnergy awarded the main EPC contract for a project to add a fifth natural gas liquids (NGL) train at its complex in Mesaieed Industrial City. Indian contractor Larsen & Toubro Energy Hydrocarbon won the contract.

    The project, estimated to be worth $2.5bn, aims to build a fifth NGL train with the capacity to process up to 350 million cubic feet a day of rich associated gas from QatarEnergy’s offshore and onshore oil fields.

    ALSO READ: Contractors prepare bids for North Field West offshore platforms

    READ THE SEPTEMBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Nuclear power ambitions gather pace; Kuwait keeps dealmaking alive despite war; Region invests in raising gas processing capacity.

    Distributed to senior decision-makers in the region and around the world, the September 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/19688942/main3340.jpg
    Indrajit Sen
  • Contractors prequalify for Bahrain sports stadium

    15 September 2026

     

    Register for MEED’s 14-day trial access 

    Twenty-one local and Saudi Arabia-based contractors have been prequalified for a contract to build the first phase of the Bahrain International Sports City project in the Sakhir area.

    The prequalification stage closed on 13 September.

    The notice was first issued on 24 May, with an initial submission deadline of 26 July.

    The prequalified firms are:

    1. Alfanar Projects (Saudi Arabia)
    2. Al-Ayuni Investment & Contracting (Saudi Arabia)
    3. Nesma Infrastructure & Technology (Saudi Arabia)
    4. Shar Construction (Saudi Arabia)
    5. Saudi Binladin Group (Saudi Arabia)
    6. Kooheji Contractors (local)
    7. B1 Trading & Services (local) 
    8. Nass Contracting (local)
    9. RTCC / IC Ictas (Saudi Arabia / Turkiye)
    10. Moffareh Alharbi & Partners (Saudi Arabia)  
    11. Al-Sharif Group Holding (Saudi Arabia)
    12. Cebarco (local)
    13. Midmac Contracting (Qatar)
    14. BEC Arabia (Saudi Arabia)
    15. Shibh Al-Jazira Contracting Company (Saudi Arabia)
    16. Poullaides Construction Poullaides Construction 
    17. Isam Khairi Kabbani Partners (Saudi Arabia)
    18. El-Seif Engineering Contracting Company (Saudi Arabia)
    19. AlBawani (Saudi Arabia)
    20. Nesma & Partners (Saudi Arabia)
    21. Modern Building Leaders (Saudi Arabia)

    The latest development follows US-based engineering firm Populous winning a BD5m ($13.5m) contract for the development, as MEED reported.

    Populous’ scope covers pre-contract consultancy services, including finalising the masterplan and internal infrastructure, completing phase 1A design works and preparing tender documents.

    The contract was first tendered in 2021, when Populous emerged as the sole bidder.

    At the time, it was reported that the Sports City project would include Bahrain’s largest sports stadium and a multipurpose indoor sports arena.

    The project is expected to provide renewed impetus to Bahrain’s construction and transport sector, which has struggled in recent years, with the total value of awarded contracts falling for a third consecutive year.

    According to regional project tracker MEED Projects, about $400m-worth of contracts had been awarded in Bahrain by the end of October last year – less than half the $1.2bn recorded during the same period the previous year.

    The sector has yet to return to pre-pandemic levels. Before 2020, Bahrain consistently awarded more than $2bn in contracts annually, peaking at nearly $4bn in 2016.

    Bahrain’s construction industry is forecast to record average annual growth of 4.9% in 2026-29, supported by investments in transport infrastructure and renewable energy projects aligned with Bahrain’s Economic Vision 2030.

    Vision 2030 includes the BD11.3bn ($30bn) Strategic Projects Plan, unveiled in October 2021, encompassing 22 national infrastructure projects. It also includes plans to create five new cities by 2030: Fasht Al-Jarm, Suhaila Island, Fasht Al-Azem, Bahrain Bay and Hawar Islands.

    Growth over the forecast period is also expected to be driven by investments under the National Renewable Energy Action Plan, which targets a 30% reduction in carbon emissions by 2035, compared to 2015 levels, and aims to achieve net-zero emissions by 2060.

    READ THE SEPTEMBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Nuclear power ambitions gather pace; Kuwait keeps dealmaking alive despite war; Region invests in raising gas processing capacity.

    Distributed to senior decision-makers in the region and around the world, the September 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/19670426/main.jpg
    Yasir Iqbal
  • Riyadh Expo signs private real estate development deal

    15 September 2026

    Register for MEED’s 14-day trial access 

    Saudi Arabia's Expo 2030 Riyadh Company (ERC) has signed an agreement with Riyadh-based developer Mohammed Al-Habib Real Estate Company to develop and deliver Expo Village, the event's residential community.

    The project will comprise about 2,300 apartments, housing around 5,500 residents, alongside retail and dining outlets, amenities, services and operational facilities.

    The community will be connected to the Expo 2030 Riyadh site via the Expo metro station, as well as to King Khalid International airport and the city’s wider transport network.

    The deal marks ERC’s first private-sector partnership deal for the site.

    The latest agreement comes as ERC is gearing up to deliver several components of the site. Tendering is ongoing for the Saudi Arabia pavilion, and another tender is out for the delivery of the Souq areas within the expo site.

    Site progress

    Construction activity at the expo site is accelerating, with Riyadh moving to award its first major vertical contracts and advancing infrastructure works across the programme.

    Earlier this month, Saudi Arabia’s Royal Commission for Riyadh City awarded a design-and-build contract for the construction of a new metro station catering to the Expo 2030 site.

    In April, ERC awarded two contracts for the next phase of infrastructure works at the site to local firm Alyamama Company.

    The scope covered the construction of road networks and infrastructure for water, sewage, electricity, telecommunications and electric vehicle (EV) 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 covered about 50 kilometres of integrated infrastructure networks, including internal roads and essential utilities such as water, sewage, electrical and communications systems; and EV charging stations.

    The masterplan covers 6 square kilometres, making it one of the largest sites ever 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 landmarks within Riyadh.

    The Public Investment Fund, Saudi Arabia’s sovereign wealth vehicle, launched ERC – a wholly owned subsidiary – in June 2025, to build and operate facilities for Expo 2030.

    READ THE SEPTEMBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Nuclear power ambitions gather pace; Kuwait keeps dealmaking alive despite war; Region invests in raising gas processing capacity.

    Distributed to senior decision-makers in the region and around the world, the September 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/19665616/main.jpg
    Yasir Iqbal