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
  • Chinese firm wins $265m Saudi hospital contract

    24 June 2026

    Zhejiang Construction International, the local subsidiary of Chinese contractor Zhejiang Construction Investment Group, has won a $265m contract to build the Prince Mohammed Bin Fahd University Speciality Hospital in Al-Khobar.

    Construction is expected to take three years from the start date.

    Prince Mohammed Bin Fahd University awarded the contract.

    Located in Al-Raja district, Al-Khobar, in Saudi Arabia’s Eastern Province, the hospital project will cover about 60,000 square metres.

    The contract covers the construction of a 10-storey hospital building, two five-storey auxiliary buildings connected by corridors and a basement.

    Work will include civil works, mechanical and electrical installation, curtain walling, landscaping, detailed design and the procurement of medical equipment.

    The award is the latest in a series of contracts secured by Chinese contractors from Saudi entities in recent months.

    Last week, MEED reported that Saudi Arabia’s Ministry of Municipalities & Housing awarded contracts worth more than SR1.9bn ($506m) to Chinese contractors for two residential developments in the kingdom.

    China Architectural Construction Corporation won the first contract, valued at SR875m ($233m), to build 2,010 housing units at the Al-Ruba residential project in Riyadh.

    China State Construction Engineering Corporation secured the other contract, valued at more than SR1bn ($266m), for the Al-Rasha Al-Faisaliah residential project in Dammam, comprising 2,426 housing units.

    GlobalData expects Saudi Arabia’s construction industry to record average annual growth of 5.2% in 2025-28, supported by investments in transport, electricity, housing and tourism infrastructure, as well as the $850bn-plus gigaprojects programme.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17412846/main.jpg
    Yasir Iqbal
  • Kuwait extends deadline for $718m drainage tender

    24 June 2026

     

    Kuwait’s Ministry of Public Works (MPW) has extended the deadline for a major drainage tender estimated to be worth about KD222m ($718m).

    The new bid submission deadline is 19 July.

    The tender scope covers the construction of rainwater drainage networks across the residential areas of Sabah Al-Ahmad, South Sabah Al-Ahmad, Al-Khairan and Al-Wafra.

    The MPW floated the tender on 22 March. The most recent deadline was 21 June.

    According to regional projects tracker MEED Projects, the works include the construction of a major concrete sewer, three collection basins and extensive stormwater drainage basins.

    Rainwater collection tanks will be connected through an independent network, with outlets to the sea via the Nuwaiseeb exit to manage overflow.

    The infrastructure will also filter pollutants such as oils, minerals and sediments to protect water quality and support environmental sustainability.

    The project aims to reduce surface runoff, prevent street and urban flooding, and improve groundwater recharge.

    Kuwait’s MPW currently has several contracts out for tender for infrastructure works across various parts of the country.

    Also, in March, the client released two additional tenders covering the construction of a treated water system in Kuwait’s southern region and another in Kuwait’s northern region.

    Bids for both projects are due by 28 June.

    Meanwhile, the MPW is planning to begin construction of the $3.3bn North Kabd sewage treatment plant, which has a planned capacity of up to 1 million cubic metres a day.

    China State Construction Engineering Corporation (CSCEC) won the contract to build the plant earlier this year.

    > Be recognised among the best in the industry at the MEED Projects Awards 2026 …

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17411675/main.jpg
    Mark Dowdall
  • Contractor wins Emaar Dubai Harbour project deal

    24 June 2026

     

    Register for MEED’s 14-day trial access 

    Local construction firm Al-Sahel Contracting Company has won a contract to build The Bristol Luxury Hotels & Resorts project in Dubai.

    The contract was awarded by local real estate developer Emaar Properties.

    The Bristol Luxury Hotels & Resorts is located at Emaar Beachfront in Dubai Harbour.

    The project comprises a 54-storey mixed-use building with about 150 hotel keys and 227 one- to four-bedroom apartments.

    Enabling works have been completed by local firm Dutch Foundation.

    Dubai-based Mirage Leisure & Development is the project’s consultant.

    Construction is expected to be completed by 2028.

    The contract award follows Emaar’s appointment of Dubai-based Aroma International Building Contracting to build the Address Grand Downtown tower.

    The award also comes shortly after Emaar reported strong operating momentum in 2025, led by record property sales of AED80.4bn ($21.9bn), up 16% year on year.

    The company’s revenue backlog from property sales rose to AED155bn ($42bn), supporting visibility on future revenue recognition.

    Total revenue for 2025 reached AED49.6bn ($13.5bn), a 40% year-on-year increase. Earnings before interest, taxes, depreciation and amortisation grew 33% to AED25.6bn ($7bn), while net profit before tax rose 36% to AED25.7bn ($7bn).

    Emaar’s platform continued to support performance across property development, malls, hospitality, leisure and international operations.

    > Be recognised among the best in the industry at the MEED Projects Awards 2026 …

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17411104/main.jpg
    Yasir Iqbal
  • Saudi Arabia launches new mineral exploration licensing round

    24 June 2026

    Register for MEED’s 14-day trial access 

    Saudi Arabia’s Ministry of Industry & Mineral Resources (MIMR) has launched its tenth round of a mineral exploration licensing competition, qualifying 24 local and international companies and consortiums to participate.

    The exploration opportunities offered under Round 10 cover about 13,000 square kilometres across the regions of Medina, Mecca, Riyadh, Qassim and Hail. They encompass several highly prospective mineralised belts that are said to contain significant deposits of gold, copper, silver, zinc and nickel.

    One of the key areas offered in the round is the Nabithah-Ad Duwayhi (Dahlat Shabeb) Belt, which hosts the Ad-Duwayhi Mine, one of Saudi Arabia’s largest gold-producing operations, with annual production of approximately 180,000 ounces of gold.

    Other notable exploration zones include the Sukhaybarat-Al-Safra Belt, recognised for its gold and base metals potential and home to the Sukhaybarat and Bulghah mining operations, as well as the Al-Nuqrah Belt, known for substantial gold resources and volcanogenic massive sulphide mineralisation rich in copper and zinc.

    According to MIMR, 17 companies that previously qualified under Round 9 have retained their eligibility, while seven additional companies and consortiums successfully completed the Round 10 prequalification process.

    The newly qualified bidders in Round 10 are:

    • Anaam Al-Qarat for Trading / Sahara Mining Company consortium
    • Danakali / Masadar Al-Zamarda for Mining consortium
    • Power Metallic Mines 
    • PT ANTAM Tbk
    • Saudi Arabian Mining Company (Maaden)
    • Thurb Al-Hayya for Trading Company
    • Wildsky Resources

    The previously qualified participants from Round 9 are:

    • Al-Ghazal Al-Arabi Mining Company
    • Almasar Minerals Holding
    • Al-Tasnim Enterprises
    • Aurum Global Group
    • Batin Al-Ard for Gold Company
    • China National Geological and Mining Corporation
    • DesertEx 
    • Eqleed-Indotan Mining Company
    • Helderberg 
    • Jacaranda Minerals
    • Midana Exploration
    • Royal Road Arabia
    • Saudi Gold Refinery 
    • Sierra Nevada Gold
    • Sun Peak Metals
    • The Distinguished Consortium Mining Company
    • Vedanta 

    In a statement carried by the official Saudi Press Agency, MIMR said exploration licence competitions are conducted through a structured three-stage process designed to ensure transparency, competitiveness and equal opportunity for all participants.

    The process begins with prequalification assessments covering technical expertise and financial capability, followed by a site-selection phase through the ministry’s digital mining platform, Taadeen. Where multiple bidders compete for the same exploration site, the process advances to a public, multi-round bidding stage, with licences awarded based on exploration expenditure commitments and predefined evaluation criteria.

    The next phase of Round 10 will allow qualified bidders to select available exploration sites via the Taadeen platform, in accordance with established procedures that promote fair competition and enable companies to pursue opportunities aligned with their technical capabilities and investment strategies.

    ALSO READ: Aramco and Maaden seek to form joint venture

    “The continued participation of major international and regional mining companies reflects growing confidence in Saudi Arabia’s mining sector and the effectiveness of its transparent licensing framework,” MIMR said in its statement.

    Jarrah Aljarrah, a ministry spokesperson, said increasing participation in successive exploration licensing rounds demonstrates growing investor confidence in the kingdom’s mining ecosystem, supported by regulatory reforms, improved availability of geological data, transparent licensing mechanisms and a steadily expanding pipeline of exploration opportunities.

    Saudi Arabia’s metals and mining sector is pivotal to the country’s non-oil growth trajectory. Commercial exploitation of the kingdom’s mineral resource base – most of which remains untapped – is a key component of the Saudi Vision 2030 socio-economic transformation strategy.

    The kingdom took a first step towards realising the commercial potential of its mineral resources when it enacted the Mining Investment Law in 2021. Since the law came into effect, MIMR has awarded about 3,248 mining permits to local and foreign firms under its accelerated exploration initiative, including alone.

    Addressing the Future Minerals Forum in Riyadh in January 2024, Bandar Alkhorayef, the kingdom’s minister of industry and mineral resources, said Saudi Arabia’s natural resources are worth $2.5tn – an increase of more than 90% compared to the 2016 estimate.

    This near-doubling of natural resource estimates – which exclude fossil fuels and include phosphate, gold and rare earths – is expected to provide a stimulus to the kingdom’s nascent mining industry.

    ALSO READ: Maaden mineral resources grow by 7.8 million ounces
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17398549/main.jpg
    Indrajit Sen
  • Kuwait tenders oil manifold project

    24 June 2026

    State-owned upstream operator Kuwait Oil Company (KOC) has tendered a contract to construct remote header manifolds and associated works in the southern and eastern regions of Kuwait.

    A meeting with prospective contractors has been scheduled for 21 July 2026, and bids are due to be submitted ahead of a deadline on 20 September 2026.

    Manifolds are devices used in the oil sector to divide the flow of liquids from a single source to several outlets, or to collect liquids, or vice versa.

    Previously, a project with a similar scope in the same region was awarded to the Kuwaiti contractor Al-Ghanim International General Trading & Contracting.

    In 2016, it signed a contract worth $435m to construct remote header manifolds and associated works in the south and east Kuwait areas.

    The scope of that contract included design, procurement, construction and commissioning of 25 remote manifold stations and associated pipelines in south and east Kuwait using multi-phase pumps to deliver liquids to gathering centres.

    Kuwait’s oil fields are connected to more than 25 gathering centres, which serve as collection points for crude oil produced by several wells connected by flowlines, providing initial treatment by separating associated gas and removing salt.

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

    GCC looks beyond the Strait; Iraq’s reform window narrows as fiscal assumptions shatter; MEED Top 100 companies.

    Distributed to senior decision-makers in the region and around the world, the June 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17409564/main.jpg
    Wil Crisp