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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Aramco-backed firm tenders logistics hub expansion9 November 2026
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Prequalification begins for multibillion-dollar Dubai road9 November 2026
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Contractor begins early works on Ardara’s AlWadi project9 November 2026
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Syria in talks for refinery project worth $6bn-8bn9 November 2026
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Three Libya oil and gas projects see developments9 November 2026
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Aramco-backed firm tenders logistics hub expansion9 November 2026

Asmo, the logistics joint venture of Saudi Aramco and DHL Supply Chain, has set a 15 November deadline for a contract to expand the logistics complex at King Salman Energy Park (Spark) in Saudi Arabia’s Eastern Province.
The logistics hub will add over 124,000 square metres (sq m) at Spark.
Al-Khobar-based engineering firm House of Consulting Office is the project consultant.
The tender for the expansion works comes shortly after Asmo awarded an estimated SR820m ($218m) contract to build the logistics complex’s first phase in May this year.
The overall project will feature a 43,000 sq m, temperature-controlled Grade A warehouse; more than 3,000 sq m of offices and staff amenities; 5,300 sq m dedicated to chemicals storage; and an open yard covering about 1.2 million sq m.
Asmo signed an agreement with Bahrain‑headquartered Arcapita Group Holdings in February to deliver the project at Spark.
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It will also be developed in line with internationally recognised sustainability standards, featuring solar photovoltaic readiness, electric-vehicle charging infrastructure and a target of Leed Gold certification.
The development aims to support the next stage of Saudi Arabia’s logistics and supply chain expansion.
Under the deal structure, Arcapita will provide funding and retain ownership of the asset, while Asmo will develop the facility and then lease and operate it under a 22-year occupational lease.
According to a statement, “the scheme will be executed via a forward-funding model, underscoring a long-term commitment to national infrastructure”.
Asmo added that this will be its first purpose-built logistics centre and one of four strategic locations planned to anchor its nationwide logistics network, aligned with the National Transport and Logistics Strategy under Saudi Vision 2030.
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Prequalification begins for multibillion-dollar Dubai road9 November 2026

Dubai’s Roads & Transport Authority (RTA) has begun prequalifying contractors for a design-and-build contract for a multibillion-dollar new road that will run parallel to Sheikh Zayed Road.
Contractors have until 30 November to submit their prequalification statements.
The latest development follows contractors’ expressions of interest for the project on 10 October, as MEED reported.
The project’s scope covers about 30 kilometres (km) of works. These include about 15km of viaduct along First Al-Khail Street and more than 14.5km of bridge ramps, along with other associated infrastructure works.
The project is another significant initiative aimed at alleviating pressure on the existing Sheikh Zayed Road section from Hadiqa Street to Hessa Street.
Dubai has previously explored bold concepts to expand capacity on Sheikh Zayed Road, including proposals to introduce double-decker sections to add extra lanes without widening the existing corridor.
The idea was discussed in the context of rising congestion and limited right-of-way along one of the city’s busiest arterial roads, with elevated decks potentially carrying through traffic while existing at-grade lanes served local access.
The plans ultimately became standalone schemes, with subsequent efforts focusing instead on corridor-wide upgrades, interchange improvements and complementary public transport expansions to manage demand more sustainably.
The latest project aligns with Dubai’s continued investment in upgrading and expanding its road network to keep pace with rapid population growth and rising commuting demand.
Planning for growth
Dubai launched the 2040 Urban Master Plan in March 2021, referencing studies indicating that the emirate’s population will reach 5.8 million by 2040, up from 3.3 million in 2020. The daytime population is set to increase from 4.5 million in 2020 to 7.8 million in 2040.
In December 2022, Sheikh Mohammed Bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the 20-Minute City Policy as part of the second phase of the Dubai 2040 Urban Master Plan.
In addition to the road projects, the RTA’s Dubai Metro Blue Line extension and Dubai Metro Gold Line form part of Dubai’s plans to improve residents’ quality of life by cutting journey times, as outlined in the policy.
The policy aims to ensure residents can meet 80% of their daily needs within a 20-minute journey, on foot or by bicycle. This goal will be achieved by developing integrated service centres with all necessary facilities and increasing population density around mass transit stations.
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Contractor begins early works on Ardara’s AlWadi project9 November 2026
Saudi Arabia’s Shibh Al-Jazira Contracting Company (Sajco) has started early construction works on the first cluster of its AlWadi mixed-use development in Abha.
Ardara, backed by the sovereign wealth vehicle the Public Investment Fund (PIF), is developing the AlWadi project.
Sajco will carry out sewerage works, while local engineering firm Dar Al-Riyadh will provide project management and supervision services for the infrastructure works.
The AlWadi project will cover 2.5 million square metres (sq m) and will be developed around architectural styles informed by the heritage and character of the Aseer region.
The masterplan has a planned gross floor area of about 2.02 million sq m. It includes 7,306 apartments, 90 villas and townhouses, and 2,783 hotel keys.
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Syria in talks for refinery project worth $6bn-8bn9 November 2026
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Discussions are under way with international companies to develop a refinery in Syria’s Furqlus area, worth $6bn-8bn, according to a senior official at state-owned Syrian Petroleum Company (SPC).
The project will be “very large” and, after completion, will replace Syria’s Homs refinery, according to SPC’s deputy executive president for refining affairs, Tariq Shalash Al-Abdullah, who spoke to Syria’s state-owned daily newspaper Al-Thawra Al-Souriya.
He said the international companies currently involved in talks about the planned refinery project specialise in design work, engineering and technical studies.
He also stated that, for large-scale projects of this type, consortiums are typically formed from a group of companies with complementary interests in study, manufacturing, financing, implementation and operation.
In June, SPC published an invitation for companies to submit proposals to finance, build and operate the refinery under a build-operate-transfer agreement.
The tender document published by SPC said the refinery would have the capacity to process 210,000 barrels a day (b/d).
It also said the facility would be developed with the option to add an “ancillary petrochemical complex”.
Al-Abdullah said the refinery’s total investment value would depend on the equipment's country of origin, adding that the equipment could potentially be procured from the US, Europe or China.
Another factor that could alter the project’s value is the technology licences selected for the project, according to Al-Abdullah.
The refinery project is expected to take around four years to develop from the date of signing the contract and completing other related preparatory activities.
The project will be developed on a site that covers 400 hectares, according to the document that was published by SPC in June.
SPC invited companies to submit three separate documents relating to their proposals.
These were:
- A package outlining the company’s qualifications and legal documents
- A technical proposal
- A financial and investment proposal
According to the tender document, the scope of the refinery project includes developing:
- Three independent atmospheric distillation units, each with a capacity of 70,000 b/d
- Two vacuum distillation units
- Hydrotreating units
- Sulphur recovery units
- A base oil unit
- Power and steam generation facilities
- A grid interconnection substation
- A safe shutdown system
- An environmental water treatment system
- A gas recovery system
- A unit to produce nitrogen and oxygen
- A fire water network
- Maintenance and repair workshops
- Tank farm and storage facilities
Under the plans outlined in SPC’s tender document, at least 85% of the refinery’s products should meet Euro-5 specifications.
SPC is also seeking a “plan for the establishment and integration of an advanced petrochemical complex”, which would be connected to the refinery, according to the document.
Because of this, it said the refinery design must allow diversion of some light and heavy naphtha and liquid petroleum gas (LPG) to be used as feedstock for the future petrochemical complex.
The petrochemical complex is planned to use 20% to 40% of the naphtha and LPG.
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Three Libya oil and gas projects see developments9 November 2026

Three key oil and gas projects in Libya have seen developments amid an uptick in activity in the North African country’s hydrocarbon sector.
The contract scopes include seismic work, subsea pipeline development and drilling services.
An invitation to prequalify has been issued for a project to provide two-dimensional (2D) and three-dimensional (3D) offshore seismic surveying services.
The survey area is the Libyan Offshore Area O1, located in the Sirte Basin.
The winner of the contract will be responsible for:
- Acquisition of approximately 6,100 square kilometres (sq km) of 3D full-fold marine seismic data
- Acquisition of approximately 3,000 sq km of 2D full-fold marine seismic data
The client on the project is the Italian oil and gas company Eni.
In a statement posted on the website of Libya’s National Oil Corporation (NOC), it said: “The objective of the survey is to acquire, within the required operational window from September 2027 to March 2028, high-quality broadband seismic data to improve the imaging of Cretaceous reservoir sequences and support future exploration activities.”
The deadline to submit prequalification documents is 2 December 2026.
Deadline extended
Libya’s Mellitah Oil & Gas Company (MOG) has extended the deadline for companies to submit prequalification documents for a major offshore package as part of its Mellitah complex expansion and CO2 management integrated development project, which is estimated to be worth about $8bn.
The previous deadline of 5 November 2026 has been extended to 3 December 2026.
MOG, a joint venture of NOC and Eni, is the project client.
The package, known as WP4B1, focuses on developing offshore pipelines and subsea systems for the E offshore installation and CO2 project.
The turnkey contract will use the engineering, procurement, installation and commissioning (EPIC) model.
As part of the Mellitah complex expansion and CO2 management integrated development project, two offshore structures – Structure A and Structure E – will be developed in Libya’s offshore block NC 41.
Structure A is also known as wellhead production fixed platform A (WHPA) and Structure E is also known as production platform E (PPE).
Structure A is in the central-western part of the area, about 80 kilometres (km) from the Libyan coast, with a water depth of 95-105 metres.
Structure E is located in the central-eastern part of the area, about 130km from the Libyan coast, in a water depth of 205-235 metres.
The scope of the wider project includes:
- A new production platform installed in about 220 metres of water depth as part of the development of Structure E (Package WP1)
- A new wellhead platform installed in 96 metres of water as part of the development of Structure A (Package WP2)
- Modification of the existing Sabratha platform (Package WP3)
- Sealines and subsea systems extending from the Sabratha platform to Structure A (Package WP4A1)
- Sealines and subsea systems for Structure E and the CO2 system (Package WP4B1)
- Supply of seamless carbon steel pipes for CO2 injection from the Mellitah complex to Sabratha platform (Package WP4B2)
- Subsea Production Systems (SPS) for Structure E and CO2 (Package WP4B3)
- Upgrading the existing onshore Mellitah complex (WP5)
The package known as WP4B1 has been broken down into two phases.
The first phase focuses on the installation of the project’s subsea CO2 pipeline and its related system network.
The second phase of WP4B1 is focused on the pipeline to structure E and its related subsea system network.
Monitoring drilling
MOG has also issued a separate invitation for prequalification relating to a contract to provide hydrogen sulphide monitoring services for offshore drilling.
The contract focuses on providing H2S monitoring services for 18 offshore development wells as part of the “Structures A&E” project.
Four of the wells will be subsea wet wells and a further 14 will be dry tree wells.
The deadline for submitting prequalification documents is 3 December 2026.
The work will be carried out in the zone known as Area D, Block NC41.
H2S monitoring in the oil and gas industry involves tracking H2S gas concentrations in the air using electronic sensors and detectors to protect workers, prevent fatal exposures and avoid equipment damage.
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