Top 10 plans for Saudi Arabia’s $1 trillion capital
27 July 2023

> This package also includes: Saudi Arabia plans $1 trillion capital
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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
Exclusive from Meed
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Kuwait studies two oil export pipelines to bypass Hormuz15 October 2026
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Gulf Spic submits lowest bid for Kuwait booster stations15 October 2026
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Stability holds as project work continues14 October 2026
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Gas-fired projects drive resilience in UAE power sector14 October 2026
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Contractors win $317m Qatar road contracts15 October 2026

Qatar’s Public Works Authority (Ashghal) has awarded three road development contracts worth more than QR1.1bn ($317m) to local contractors for works across Qatar.
The contracts were formally awarded on 1 October, and each has a three-year construction period.
Qatar Building Engineering Company secured a QR479m ($132m) contract for roads and infrastructure works in the Wadi Al-Banat North Zone 70 area.
The contract covers constructing and upgrading local roads across several streets in the area. The scope also includes surface-water drainage, foul sewerage and treated sewage effluent networks, as well as connections to existing potable water, power and telecommunications infrastructure.
The works include an attenuation tank near the Al-Khor Expressway and Link Road 7 to collect surface water and prevent infiltration into the Northern Aquifer.
The contractor will also carry out groundwater mitigation works at the Al-Khor Expressway’s F1 interchange.
Surface works include paved medians, including sections along Umm Al-Zubar Road near Lusail Palace, as well as landscaping.
Qatar Trading & Contracting Group won the QR457m ($126m) contract to complete the remaining works on the C2021/44 roads and infrastructure scheme in Al-Sheehaniya (Package 1).
The scheme covers site preparation, earthworks, and the construction of roads, pavements, road markings, signage, traffic-calming measures and street lighting.
The scope also includes surface-water drainage and a complete pumping-station package encompassing civil, structural, mechanical, electrical, instrumentation, control and automation works.
The contractor will also install a foul sewerage network with house connections across stages one and two, alongside a treated sewage effluent system, irrigation infrastructure, landscaping and landscape lighting.
JAK Construction was awarded the QR217m ($60m) contract for the remaining works on the C/2021/038 roads and infrastructure project.
The scope covers completing the remaining civil works, road network works, and key public-utility works across Umm Slal Ali, Umm Ebariya Village, South Umm Al-Amad and North Bu Fessela (Package 1).
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Kuwait studies two oil export pipelines to bypass Hormuz15 October 2026
State-owned Kuwait Petroleum Corporation is considering developing two oil export pipelines that would bypass the Strait of Hormuz, according to a senior Kuwaiti oil official.
The pipelines would transport crude oil through Saudi Arabia and the UAE, aiming to diversify Kuwait’s export routes.
Mohammed Al-Abduljalil, the deputy chief executive for planning and innovation at the KPC subsidiary Kuwait Oil Company, told Asharq Bloomberg that KPC had agreed with its partners in Saudi Arabia and the UAE to conduct feasibility studies for two separate projects.
The first project extends from Kuwait’s Ahmadi region through Saudi Arabia to the Red Sea coast. The second extends from the Ahmadi region to Fujairah in the UAE.
The pipelines would build on existing infrastructure and, if the plans are approved, are expected to take around four or five years to complete, Al-Abduljalil said.
He said the first project, currently under study, would use the route of the existing East-West pipeline, which connects the kingdom’s eastern oil-producing regions to its western coast.
The second project would follow the UAE’s Habshan-Fujairah pipeline route, enabling oil exports from the Sea of Oman coast, outside the Strait of Hormuz.
Al-Abduljalil emphasised that both projects remain in a very early stage, noting that the agreement to conduct feasibility studies does not constitute a final investment decision to proceed with implementation.
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Gulf Spic submits lowest bid for Kuwait booster stations15 October 2026

Kuwait-based Gulf Spic General Trading & Contracting Company has submitted the lowest bid for a contract to upgrade gas booster stations in the country.
Gulf Spic’s bid was worth KD41.2m ($132m) and was one of four bids submitted for the contract.
The project scope focuses on upgrading gas booster stations 140 and 150 (BS-140 and BS-150).
The full list of bidders was:
- Gulf Spic General Trading & Contracting Company, Kuwait – KD41.2m ($132m)
- Combined Group Contracting Company (CGC), Kuwait – KD45.5m ($146m)
- Heavy Engineering Industries & Shipbuilding Company (Heisco), Kuwait – KD50.7m ($163m)
- Alghanim International General Trading & Contracting Company, Kuwait – KD65.5m ($210m)
The project was first announced in 2014. The invitation to bid was issued in May this year, and bids were submitted ahead of the 11 October deadline.
The scope of work on the project covers:
- Upgrade of BS-140 and BS-150
- Replacement of dehydration facilities
- Laying of pipelines
- Installation of safety system
- Construction of associated facilities
Kuwait’s oil and gas sector is currently in the midst of a major crisis, as disruptions to shipping through the Strait of Hormuz have dramatically reduced exported crude oil volumes.
The disruption is also creating significant challenges for oil and gas construction projects, which normally import equipment and materials through the Strait of Hormuz.
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Stability holds as project work continues14 October 2026

When Dean McGrail describes the performance of the region’s construction market, he keeps returning to a single word: “stable”.
After initial concerns that the market would experience a sharp downturn and project cancellations following the onset of conflict in the region, regional president McGrail says WSP has yet to see a single major contract cancelled across its regional portfolio.
“We have seen some projects re-evaluated – questions around whether the mix between residential and commercial is right, and whether it should be luxury residential,” he says. “But as of today, we have not seen any projects cancelled, which is a real sign of resilience in the market.”
Under the surface
That resilience does not mean nothing has changed. McGrail is careful to separate re-evaluation from cancellation. Projects already on site and selling into the market are pressing ahead. It is schemes that have not yet been released for off-plan sales that are being paused and reconsidered.
“None of the projects we are currently involved in have been put on hold or suspended,” he says. “It is more re-evaluation. Some of that is investor sentiment, but some of it is materials and logistics as well, which people do not necessarily consider.”
Logistics, in particular, is a pressure that rarely makes the headlines. According to McGrail, shipping disruption has complicated the delivery of heavy equipment on certain schemes. “If we have big pieces of kit coming in – chillers or turbines for a power station – that becomes challenging,” he says.
The bigger question is viability. And while rising material costs, set against softening sales prices, are forcing developers to reappraise the numbers, for now the balance sits firmly on the side of continuity. McGrail estimates that revalidation and feasibility work accounts for less than 3% of the firm’s current order book, with the remainder progressing as normal.
“Requests for proposals have not slowed down across any of our disciplines or business units,” he says. “We are definitely seeing an uptick in infrastructure.”
Infrastructure pivot
That focus points to where McGrail expects the next few years of growth to come from. Rail sits at the centre of the UAE story, alongside road upgrades and other major developments in Abu Dhabi. In Dubai, the clearest signal of intent is the expansion of Al-Maktoum International airport.
“Al-Maktoum is a really good indicator of the future direction of travel,” he says. “That is not a project that is slowing down. There has been a commitment to Emirates that it will move there, and it is still progressing.”
The scale of the airport – and the challenge of relocating an airline the size of Emirates in one move – raises the question of how it will be funded. Here, McGrail returns to the theme of stability and to the mechanism that underpins it.
“One of the beauties of this region is the ability of government to step in,” he says. “They can fund it. If the private sector does start to suffer, that is the backstop. They push money into infrastructure – roads, rail, airports – which keeps our industry moving.”
Saudi reset
In Saudi Arabia, the recalibration story predates the conflict, and McGrail says the change should be read as a strength rather than a retreat.
“I am positive,” he says. “When the reprioritisation started at the beginning of 2025, having lived through the global financial crisis here, I saw the decision to stop, re-evaluate and reprioritise expenditure as a positive. When Vision 2030 was set, Saudi Arabia had not won Expo or the World Cup, so the reprioritisation was the right thing to do. Saudi Arabia will come out of it stronger. Short-term pain, long-term gain.”
The nature of the work is shifting with the budget. McGrail sees the kingdom moving towards a model long familiar in the UAE, in which core infrastructure and a handful of landmark buildings are delivered first, before surrounding plots are carved up and sold on.
“You establish a few key iconic buildings, then the plots on the outside are carved up and they look for external investment to come in and develop them,” he says. “It is no different from Downtown Dubai, where Emaar built the Burj Khalifa and a few buildings, then started selling plots.”
That approach is increasingly tied to public-private partnerships (PPPs), although McGrail is measured on how far the model will stretch.
“PPP is definitely becoming more prevalent on some of the larger infrastructure projects, though still not as significant as it was made out to be when they first started talking about it,” he says. He sees industrials, mining, healthcare and schools as a natural fit, rather than PPP becoming a blanket procurement route.
Aviation is another priority. WSP was recently appointed to the rehabilitation of the existing terminal at Jeddah’s King Abdulaziz International airport, alongside a new terminal. It also recently secured a role on the expansion and upgrade of King Fahd International airport in Dammam.
“Aviation is definitely a key area of focus for us as we head into the next 12, 24, 36 months,” McGrail says.
Beyond the two dominant markets, McGrail sees pockets of activity but no challenge to the balance of the portfolio. In Qatar, he points to a recovery taking shape towards the end of last year, with WSP active on the Qatar Children’s Museum and continuing its long-running work with the Public Works Authority (Ashghal). Oman is generating masterplanning work, including reviving the Blue City scheme.
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Gas-fired projects drive resilience in UAE power sector14 October 2026

The $3bn Taweelah C combined-cycle gas turbine (CCGT) project has been the UAE power sector’s standout contract award this year, accounting for the majority of the $4.17bn in awards as of early September.
The total is well below the record $12.02bn awarded in 2025, when Abu Dhabi’s $6bn round-the-clock solar photovoltaic (PV) and battery energy storage system (bess) project lifted the market to record levels. However, 2026 remains broadly consistent with recent years, compared with $5.93bn in 2024 and $3.05bn in 2023.
According to MEED Projects, generation accounted for $3.06bn across three awards, while transmission contracts totalled $1.11bn.
Gas-fired focus
Emirates Water & Electricity Company (Ewec) signed the power-purchase agreement (PPA) for Taweelah C in June with a consortium comprising Abu Dhabi National Energy Company (Taqa), Saudi Arabia’s Al-Jomaih Energy & Water Company and Singapore’s Sembcorp Industries.
The scale of the 2.5GW independent power producer (IPP) provides a useful lens through which to view the wider market. Although the UAE continues to expand solar generation and battery storage, it is still investing heavily in flexible thermal capacity to support rising electricity demand and a grid with significant renewable generation.
Major gas-fired opportunities are also moving into the Northern Emirates, with state utility Etihad Water & Electricity (EtihadWE) preparing to receive offers from five contractor groups for the 2.6GW Al-Zawra CCGT project in Ajman.
The project follows the retirement of EtihadWE’s older 200MW Al-Zawra gas plant in 2023. With Ewec acting as offtaker, the scheme also points to a wider role for EtihadWE in developing large-scale generation.
It is understood that the Ajman project will be the first of at least three planned power plant projects procured by the utility under a new long-term roadmap for future projects across both power and water.
Abu Dhabi’s 3.3GW Al-Nouf IPP is another major gas-fired plant moving towards execution. Japan’s Sumitomo Corporation is expected to formally sign the PPA by the end of the year, while the joint venture of Spain’s Tecnicas Reunidas and Egypt’s Orascom Construction is also set to be confirmed as the engineering, procurement and construction (EPC) contractor.
To put this into context, the deal would make 2026 the second most valuable year for power sector investment on record, eclipsing both 2017 and 2018, when contract awards in the UAE reached $7.39bn and $7.27bn, respectively.
Solar and storage
The UAE’s renewable procurement is increasingly combining solar generation with storage to provide electricity beyond daylight hours.
Dubai Electricity & Water Authority (Dewa) is preparing to award the seventh phase of the Mohammed Bin Rashid Al-Maktoum Solar Park, with Abu Dhabi Future Energy Company (Masdar) submitting the lowest tariff for the project in July.
China’s BYD will act as a bess supplier for the project, which combines 2,000MW of PV capacity with a 1,400MW bess designed to discharge for six hours, equivalent to 8,400MWh of stored energy.
The storage component will allow Dewa to use more solar power after sunset, reducing the gap between daytime generation and the evening demand peak.
The 1,800MW sixth phase is also nearing completion, with Larsen & Toubro delivering the estimated $1.5bn project for Shuaa Energy 4, the project company formed by Dewa and Masdar.
Dewa has increased the planned capacity of the solar park to 7,260MW by 2030, from its earlier target of 5,000MW.
Furthermore, Ewec is advancing its 1.5GW Al-Zarraf solar PV plant, with EDF and Korea Western Power Company selected as the consortium to develop the project.
Grid expansion
Multibillion-dollar IPP schemes have driven annual award values in recent years, while transmission work continues to provide a steadier flow of opportunities for contractors and equipment suppliers.
Transmission awards fell to $1.11bn across 22 packages in 2026, from $2.98bn in 2025, reflecting the absence of a comparable large-scale package rather than a halt in network investment.
Ewec and Taqa are expanding 400kV and 132kV networks across Abu Dhabi and the Northern Emirates, while Dewa continues to reinforce its cable and substation systems in Dubai.
In September, EtihadWE received bids for a contract to carry out a techno-economic feasibility study for a proposed 2GW subsea electricity interconnector with India.
The proposed 1,400-kilometre link would be the UAE’s first direct subsea cross-border electricity interconnector, illustrating a potential longer-term ambition to connect the UAE to wider regional and international power markets.
Earlier this year, the GCC Interconnection Authority awarded Omexom, part of France’s Vinci Group, a contract to build a 400kV overhead transmission line between the UAE and Saudi Arabia.
In October, the UAE and Saudi Arabia signed a memorandum of understanding to advance cross-border electricity interconnection, paving the way for feasibility studies on power exchange, commercial electricity trading and the expansion of the wider GCC interconnection grid.
Waste-to-energy
Waste-to-energy continues to become an increasingly important part of the UAE’s infrastructure pipeline as the country seeks to reduce landfill dependence and diversify its power mix through alternative generation sources.
Dubai Municipality recently invited developers to submit expressions of interest for its planned Jebel Ali waste-to-energy public-private partnership, a greenfield facility designed to treat up to 6,000 tonnes of municipal solid waste a day.
According to a source, the municipality plans to prequalify developers later this year, then issue a request for proposals in the first quarter of 2027.
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