As Saudi Arabia moves forward with numerous types of construction projects, a company located in the United Kingdom forecasts that the country will become the largest construction market in the world by the year 2028, with an output of $181.5 billion.
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Construction Boom in Saudi Arabia
In the research titled Construction Landscape Review H1 2024, the UK-based firm projected that the total value of Saudi Arabia's construction production will reach $181.5 billion by the end of the year 2028. The output value of the industry reached $141.5 billion in 2023, and if this figure is attained, it would be an increase of approximately 30 percent from the levels that were obtained in 2023.
Through the implementation of the Vision 2030 plan, which aims to alter the economy of the country and reduce its reliance on money derived from oil, this increase is expected to occur. According to Knight Frank, the total amount of building contract awards that were issued in 2023 alone was greater than 140 billion dollars. Within the next six years, Saudi Arabia plans to increase its population to 10 million people, and the majority of those people are located in Riyadh.
Moreover, as the country gets ready to host the World Expo in 2030 and maybe the World Cup in 2034, the capital city has emerged as a significant focal point on the map. Research conducted by Knight Frank also indicates that Saudi Arabia has initiated developments with a total value of over 1.25 trillion dollars since the Vision 2030 plan was first unveiled eight years ago. However, a number of these initiatives have been recently reduced in number.
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Controversy on the Biggest Construction Project in Saudi Arabia
Building the 105-mile-long, 650-foot-wide linear city called 'The Line' over mountain ranges and desert valleys might cost as much as $2 trillion. Once finished, it would reportedly be able to accommodate nine million people.
On the other hand, aside from The Line, the Neom project will also include what the company thinks would be high-end entertainment locations that will increase the number of tourists who visit the kingdom. Sindalah, which is billed as a luxury island getaway in the Red Sea, is one of the components involved. As stated by Antoni Vives, who is the chief urban development and islands officer at Neom, it is anticipated that the island would serve as the first physical exhibition of Noem that is accessible to the world,
However, according to current information, building on The Line has already been stopped. This is reportedly the result of increasing prices as well as difficulties with the specific requirements of its engineering and construction.
Accordingly, the Neom project is the subject of a great deal of controversy. Some people believe that it is very ambitious, that it is not realistic, that it is too expensive even for the Saudis, and that even if it were finished, it would only serve the extremely wealthy exclusively. The British Broadcasting Corporation (BBC) revealed this week that Saudi security forces have been permitted to employ 'lethal force' in order to clear land for the ultimate building of The Line. Reports indicate that a villager was fatally shot while opposing the eviction.
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