The ‘Saudi Vision 2030’ initiative of the Kingdom’s Public Investment Fund is launching several projects and attractions to convert the country’s landscape. Several big-ticket projects, like Qiddiya and NEOM, have been lined up for speedy completion, which will open not only create jobs but will also propel the country’s economic growth.
AMAALA
The Public Investment Fund-owned and Red Sea Global-developed AMAALA is a key component of ‘Vision 2030’ and seeks to reset norms for luxury and well-being.
Within the Prince Mohammad bin Salman Natural Reserve, AMAALA spans three different villages and builds on the best aspects of the Kingdom while promoting a sustainable economy.
The year-round resort will have about 25 hotels in addition to estate homes, private residential villas, and flats, apart from housing high-end retail stores, opulent eating options, and cutting-edge wellness and leisure amenities.
Al Ula
With over 200,000 years of unknown human history, Al Ula is a place with an unparalleled human and natural heritage.
The Royal Commission for AlUla is transforming the place into a popular tourism destination.
Their strategy emphasizes sustainable and responsible development that safeguards the region’s historic and natural charm while making it more accessible for residents, workers, and tourists.
The plan also includes efforts in archaeology, tourism, culture, education, and the arts.
The Driyah Gate
Just 20 minutes northwest of Riyadh’s city centre is Saudi Arabia’s Diriyah, experiencing an incredible makeover into a premier lifestyle destination. It will have cultural, heritage, hotel, retail, and educational facilities.
The At-Turaif UNESCO World Heritage Site, a famous mud-brick city that served as the seat of the First House of the Al Saud family and the First Saudi State, is central to this development. Its preservation and restoration will serve as a monument to the historical background of Saudi Arabia and the depth of its spiritual principles.
The Public Investment Fund is funding the project under the direction of the Diriyah Gate Development Authority.
Leisure Riyadh
In keeping with Vision 2030’s objective of placing Riyadh among the world’s top 100 most livable cities, King Salman Bin Abdulaziz inaugurated Green Riyadh as one of Riyadh’s four big projects.
The city of Riyadh will have 7.5 million trees planted in 3,330 neighbourhood gardens, 43 parks, 9,000 mosques, 6,000 educational institutions, 64 academic institutions, 390 medical facilities, and 1,670 public buildings.
Sixteen thousand four hundred kilometres of streets and highways, 2,000 parking spaces, 1,100 kilometres of green belts with utility lines, 175,000 parcels of vacant land, and 272 kilometres of valleys will all have trees lining them.
King Salman Energy Park
The King Salman Energy Park (SPARK) is a strategically positioned, fully integrated industrial environment in Saudi Arabia’s Eastern Province. With a 50 km2 footprint, it acts as the region’s main entry point for the energy sector and provides all-inclusive solutions to promote business expansion in the Kingdom.
SPARK is also the world’s first and only industrial city to receive silver Leadership in Energy and Environmental Design (LEED) accreditation, promoting clean and sustainable energy while diversifying incomes.
SPARK provides an infrastructure that meets international standards for investors in the oil and gas, refining, petrochemicals, energy, water production, and water treatment industries.
Project Red Sea
The Red Sea is one of the world’s most ambitious travel and hospitality initiatives. ‘Red Sea Global’ is creating a destination to set new benchmarks for sustainable development and regenerative tourism. It is located on 28,000 km2 of unspoiled lands and waterways.
Its supporting infrastructure strongly emphasizes renewable energy sources and water conservation and reuse, with sustainability at its centre. Along with historical cultures and heritage sites, the area is home to mountain canyons, dormant volcanoes, and other natural features. Hotels, residential buildings, recreational facilities, and entertainment businesses will all be a part of the Red Sea Project.
Saudi Arabia’s tremendous potential is on display thanks to the Red Sea, which opens up new social, cultural, and economic prospects. In 2023, the Red Sea will be prepared to host its first visitors.
NEOM
NEOM is a vision for a future characterized by corporate innovation, livability, and sustainability, supported by USD 500 billion from the Public Investment Fund.
The complex, in the northwest of Saudi Arabia, includes important buildings, including THE LINE, OXAGON, TROJENA, and SINDALAH, each offering a distinctive concept.
NEOM is organized into 14 sectors, each of which is headed by a top talent, and has over 2,800 employees from 86 different countries living and working on-site.
In 2024, NEOM’s initial destinations will go live. Following the project’s staged construction schedule, OXAGON will welcome its first residents in 2024, while TROJENA will open for business and tourism in 2026. The first THE LINE modules will also be activated in 2026, and by 2030, NEOM will be home to roughly one million people, which will increase to nine million by 2045.
Qiddiya
The hub of arts, sports, and entertainment, Qiddiya will provide novel and immersive experiences on a never-before-seen scale.
Qiddiya focuses on five thematic cornerstones that are in line with the objectives of ‘Vision 2030,’ parks and attractions, sports and wellness, motion and mobility, arts and culture, and nature and environment. The Resort Core, Qiddiya Village, Motion Zone, Eco Zone, and Golf Community are all parts of the master design, which honours the site’s natural landscape.
Qiddiya, a cornerstone of Vision 2030, aims to improve Saudi Arabia’s economic diversification while bringing the Kingdom closer to the rest of the globe.
Roshn
To fulfil the Kingdom’s target of 70% home ownership, ROSHN has made significant investments in providing Saudi citizens with a new standard of living.
The initial steps in ROSHN’s strategy to bring fully integrated communities to nine cities across four regions are the ALAROUS project and its flagship community SEDRA in northern Riyadh.
The developer disclosed plans for two additional projects in Q1 2023: WAREFA in Riyadh’s Al Janadiriyaah area and ALFULWA in the Eastern Province’s Al-Ahsa Governorate.
Sakaka Solar Power Plant
The first renewable energy project out of the Ministry of Energy is the Sakaka Solar Power Plant Project near Al Jawf, overseen by King Salman bin Abdulaziz Al Saud. Using photovoltaic (PV) technology, the facility generates electricity using solar energy.
Independent power producers use a private initiative to buy energy through a 25-year contract with the Saudi Power Procurement Company.
A specialized Saudi technical team painstakingly selected 1.2 million solar panels for the plant’s 6 km2 area, allowing maximum electricity generation. Because of the Kingdom’s advantageous location and climate, renewable energy is economically appealing, advancing the objectives of Vision 2030.
The project established a new record for the lowest cost per kWh in the solar photovoltaic industry, coming in at USD 0.023.