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With $1.1tn investment, Saudi Arabia to become the world’s biggest construction site: Global real estate consultancy Knight Frank

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With $1.1tn investment, Saudi Arabia to become the world’s biggest construction site: Knight Frank​


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RIYADH: Following the launch of Saudi Arabia’s Vision 2030 in 2016, the Kingdom is on its way to becoming the world’s biggest construction site with a total investment of SR4.13 trillion ($1.1 trillion) in infrastructure and real estate projects, according to global real estate consultancy Knight Frank.

The real estate firm projected that Riyadh’s population will reach 17 million by 2030, up from about 7.5 million today. The city has unveiled real estate projects worth $104 billion since the Kingdom’s National Transformation Plan launch in 2016.

“Vision 2030 has lit the embers of excitement across the Kingdom, and with NEOM positioned as a crown jewel in the transformative plans, people are eager to be part of history,” Faisal Durrani, partner and head of Middle East research, Knight Frank told Arab News.

Saudi Arabia will easily become the largest construction site in history, with planned construction projects in the Kingdom being over 555,000 residential units, over 275,000 hotel keys, over 4.3 million square meters of retail space, and over 6.1 million square meters of office space, Durrani said.

The consultancy firm is currently monitoring 15 giga-projects in the Kingdom, many of them new standalone supercities, said Harmen de Jong, partner and head of real estate, Strategy& Consulting in the Kingdom.

NEOM is expected to house 9 million residents across 300,000 new homes once completed, making it the largest giga-project announced to date, Jong added.

Among 1,000 Saudi households surveyed, Diriyah Gate came third in popularity as a place to own a home, behind NEOM and The Red Sea Project.

NEOM is radically redefining urban living in resource-poor regions, Durrani said. At the same time, sub-cities like the Octagon, Trojena and the Line will set new benchmarks for luxury living in the area.

Around 30 percent of Saudi homeowners are prepared to spend more than $800,000 on a second home at NEOM. “Developers have their work cut out to satisfy this pent-up demand,” Durrani added.

 

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Khan2727

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What is the status of Riyadh Metro, Red Sea project (island resorts), Jeddah Tower (I recently read that the project has resumed), the expansion projects in Makkah and Madinah, GCC railway, local Saudi Arabian railways, KSA-Oman land border connection etc.

I have read that most of those projects are close to being finished. Some updates would be nice.

Another thing, is KSA, being the only neighbour of Qatar, going to accommodate some of the many World Cup visitors?

In short is there an overview of the ongoing mega projects in KSA and their status?

Of course NEOM is fairly well covered and the largest project.

 

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I really love such new architecture/design based on traditional Arabian architecture and regional Arabian architecture. KSA should make a law that bans every non-native architecture for private housing (lol) in an ideal world.

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CULTURE JUNE 24, 2022

10 Rare Pictures That Take You Inside Al Makkiyah, One of Jeddah’s Most Gorgeous Residences

by JEANNINE YAZBECK

The Angawi family open the doors to their home — one of Jeddah’s proud symbols of cultural heritage.

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The facade of Al Makiyyah. Vogue Arabia, June 2022. Photo: Sebastian Böttcher

In the welcoming Kingdom of Saudi Arabia, lives Dr Sami Angawi, son of a Mutawwif, a knowledgeable person who guides pilgrims during Hajj. He has created a life rooted in preserving Saudi heritage and traditions, and building bridges between nations and cultures. An authority on the architecture of his region, he has accomplished major projects in Saudi and abroad, such as the Islamic Institute of Boston, and the International Medical Center in Jeddah. In 1975, he worked with German architect Frei Otto on the Hajj Research Center in the Kingdom’s capital, for which he was the founder and director. The pair had previously teamed up for an international competition to design accommodation for two million pilgrims in Mecca. He would later work with Egyptian architect, Hassan Fathy on the ground-breaking Dar al-Islam community project in Abiquiu, New Mexico in 1979, which was designed to house and educate Muslim families in a welcoming village environment.

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Dr Sami Angawi looks out over the courtyard. Vogue Arabia, June 2022. Photo: Sebastian Böttcher

Despite an architectural pedigree which spans continents and decades, by his own admission, Dr Angawi’s greatest legacy is Al Makkiyah, his family home, which was 10 years in the making, creating a holistic haven in the heart of Jeddah. Al Makkiyah refers to Mecca. “That’s my origin, that’s my life,” say the founder and CEO of Amar for Architectural Heritage. “I was born in Mecca, where my family is originally from, and we are honored to be descendants of the Prophet’s family. When I decided to do something in Jeddah, I wanted to build [a home] that identifies and represents Mecca and Medina. So, by default, it was called Al Makkiyah.”

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The courtyard’s seating area. The three arches are made from carved stone while the flooring features Morrocan Zaleej tiles. A fountain under the table links to the pool. Vogue Arabia, June 2022. Photo: Sebastian Böttcher

“I see in three dimensions; this is how my mind works,” explains Dr Angawi of his design process. In order to find balance, he creates an equilibrium between six main points: the environment, the economic, and social culture, the material and technology, the purpose or function of the building, and the regulations and laws of the place. Every single detail in Al Makkiyah is studied to provide comfort; and all the details stimulate the five senses. “You have the body and the soul, if they’re balanced in a good way, then you have the right spirit to be in the place,” he considers.

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Dr Sami Angawi and his wife Amira. Vogue Arabia, June 2022. Photo: Sebastian Böttcher

“The idea of ‘Al Mizan’ (balance) in design, as my father explains, is a tool of thinking,” says Dr Angawi’s son Ahmad, a multidisciplinary creative himself. He is an educator of arts and master in the craft of Al Mangoor, an ancient technique that is part of Saudi heritage and a unique feature of woodwork in the Hijaz region. “You have the octagons, and you have the four-point star and many different variational geometries. The main reason is to allow for the natural light and air to come through, creating a relationship between the indoor and outdoor,” explains Ahmad.

Dr Angawi has built his house according to the wind. Capturing it from the north and the west, the house uses natural ventilation six months of the year throughout different levels. Behind an impressive door, the eye wanders. There is always something to see, an opening to look through, or various rooms in plain sight.


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The rooftop seating area. Vogue Arabia, June 2022. Photo: Sebastian Böttcher

To achieve privacy throughout the house, Ahmad explains that his father staggered the floors, offering various lighting solutions. The home is built with a mixture of sea stones from Jeddah, the desert — and some from Mecca — as well as imported wood for the windows and interior spaces. Dr Angawi’s wife, Amira, is an interior designer who has played a big part in developing the house, gathering most of the materials and textures for the spaces and the furniture, explains Ahmad. “She even innovated pieces together with different materials. I have always seen my father taking the holistic approach and my mother more of the detail-oriented aspects,” he adds. “Looking around, the wood, the stones… It makes the space feel warm and comfortable, no matter how big,” he notes.

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The view from below of the rooftop dome. Vogue Arabia, June 2022. Photo: Sebastian Böttcher

Walk out to the courtyard to enter the heart of the home. On the right, the “Saramlic,” a salon for the guests, and on the opposite side is the “Haramlic,” a family space. Soft finishes of Islamic calligraphy are placed alongside spiritual charms, as well as sea stones and corals that offer different textures to the courtyard’s symphony. Nature takes center stage in Al Makkiyah. “Architecture is a constant. Nature is dynamic and always evolving,” says Dr Angawi. Plants are both indoors, outdoors, and climbing the walls. You can also enjoy the sound of the water via the swimming pool. “Even though I’m inside, I can enjoy nature,” comments Dr Angawi.

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Antique pieces perfectly complement the interior of the house. Vogue Arabia, June 2022. Photo: Sebastian Böttcher

Depending on the time of the day and mood, Dr Angawi strolls around his favorite rooms, from his small office to the family area. When he wants to be alone, he ventures up to the roof. “In general, I welcome guests on the first or ground level. The second level is for me and my family. The third one, which is the roof, is a very simple space, with very basic material, no air conditioning, and that’s why I like it. If you want to be with me to really experience what I like, come up with me to the roof.”

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The courtyard in the heart of the house has played host to royals, presidents, and dignitaries. Vogue Arabia, June 2022. Photo: Sebastian Böttcher

Sometimes people refer to Al Makkiyah as a museum, but Dr Angawi considers it differently. “It’s a family place where we live and interact with people; a place of learning, a place of knowing, and a place that builds an understanding between different cultures,” he says. Ahmad adds, “It’s not only a house for us. The space shows people how to hang on to our roots and traditions in today’s contemporary world, with plans for it to become a foundation that will carry cultural activities.”

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Dr Sami and Ahmad Angawi in the office and library. The flooring is a mix of Zeleej tiles and parquet wood, a very unique idea from Amira Mashat. Vogue Arabia, June 2022. Photo: Sebastian Böttcher

Al Makkiyah has become a meeting point for cultural dialogue involving the community and guests from across the globe, such as former US President Jimmy Carter, Saudi royals, and members of the European Parliament. “The house is a landmark of architecture translating how we integrate design within traditional heritage and contemporary times,” says Ahmad. Above all, Al Makkiyah is special because it has been created with love. “I have worked closely with my wife and sons, to create a home that represents us and our guests,” he concludes. A worthy legacy, indeed.

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The interior design of the house was created by Dr Angawi’s wife, Amira Mashat, utilizing a mix of customized and antique pieces. Vogue Arabia, June 2022. Photo: Sebastian Böttcher

Originally published in the June 2022 issue of Vogue Arabia



 
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The giga-projects that are redefining the image of Saudi Arabia​


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Investments for NEOM’s first phase could reach SR1.2 trillion by 2030. (Supplied)

Updated 23 September 2022
RAWAN RADWAN
September 22, 2022 11:45

  • Infrastructure investments aim to transform Kingdom into a tourism, entertainment and adventure destination
  • Driven by innovation and sustainability, the projects seek to to spur economic growth and develop digital infrastructure

JEDDAH: A little over six years ago, Crown Prince Mohammed bin Salman announced a social and economic blueprint that would transform the Kingdom. The plan, Vision 2030, set out to create a vibrant society, overhaul the nation’s economy, and reduce its dependence on oil.

In what was viewed as a turning point for the country, several “giga-projects” were launched to provide a focal point for whole new sectors, driven by technology, innovation and sustainability, to stimulate broader economic growth and develop the Kingdom’s digital infrastructure.

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A rendering of the Grand Mosque at Diriyah. (Supplied)

Diriyah

Among these new giga-projects, underwritten by the nation’s PIF, or Public Investment Fund, is Diriyah — the Kingdom’s crown jewel — home to the first Saudi dynasty, and a UNESCO World Heritage site, which is undergoing a $50-billion revamp.

Five years ago, the Diriyah Gate Development Authority was tasked by the Saudi government with redeveloping the “birthplace of the Kingdom” into a world-class and sustainable tourism, entertainment and cultural destination.

Diriyah’s mud-brick walls once housed a thriving desert city that was a powerhouse of culture and commerce. The area’s Turaif district, with its famous citadel, was the original seat of power for the Kingdom’s Al-Saud family. In 1727, the city was named the country’s capital, laying the foundations for what would later become a unified Saudi Arabia.

In July 2017, the 11-square-kilometer site became the subject of a painstaking restoration plan aimed at bringing its historical legacy back to life. Situated just 15 minutes’ drive from Riyadh, it will feature some of the world’s most luxurious hotels and restaurants built in traditional Najdi architectural style, alongside conservation areas and cultural venues, with a view to attract some 30 million visitors annually by 2030.

Tourists are not the only target market, however. There will be more than 3,000 residential units in the traditional Najdi design and another 300-plus luxury branded residences.

The site will also host a brand new academic institution, King Salman University, which will focus on heritage, culture and the arts, alongside several new cultural institutes specializing in Najdi architecture and mud-brick building, poetry, falconry, Qur’an recitation, local theater, dance, music and the culinary arts.



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Qiddiya is Riyadh’s forthcoming entertainment, sports and culture hub. (Saudi Royal Palace/AFP)

Qiddiya

Also under development in the Riyadh region is Qiddiya, the Saudi capital’s forthcoming entertainment, sports and culture hub, which will feature theme parks, arenas, outdoor activities and motorsports.

The project is built on five main pillars: Sports and wellness, nature and environment, parks and attractions, motion and mobility, and arts and culture. Owned wholly by the PIF, its objective is to boost the Kingdom’s status as a leading tourist destination.

Over a total area of 334 square kilometers and a budget of $8 billion, construction began in early 2018. The latest contract is a $750-million joint venture between ALEC Saudi Arabia Engineering & Contracting and El Seif Engineering Contracting to build the Kingdom’s first water park — which is also tipped to be the region’s largest.

The Qiddiya Investment Company has also awarded a $1-billion contract to build Six Flags Qiddiya, which will contain 28 rides and attractions in six themed parks. It is one of the Kingdom’s most highly anticipated attractions.

A speed park will include an FIA grade-one racetrack dedicated to motorsports fans as well as a golf course designed by Jack Nicklaus, one of the greatest golfers of all time, open to elite and amateur players.

Qiddiya will also feature luxury tented retreats, animal encounters and outdoor adventure and exploration, several arts and culture centers, festival grounds, and a multiplex cinema.


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AMAALA project’s first phase is expected to be completed by the end of 2024. (Supplied)

The Red Sea Project and AMAALA

It is not just the Riyadh region that is enjoying a flurry of investment. On the Red Sea coast in the far west of the Kingdom, two luxurious tourist destinations are under development, both with a strong emphasis on sustainability, conservation, culture and heritage.

Aiming to be a world leader in regenerative tourism, the Red Sea Project is a luxury, sustainable project spanning an impressive 34,000 square kilometers.

The Red Sea Development Company, established in 2018, is fully owned by the PIF. Directly employing 35,000 people, the project showcases the landscape and rich cultural heritage of the coast.

Occupying an archipelago of more than 90 islands — some of them untouched — featuring dormant volcanoes, deserts and a wide variety of wildlife and mountainous scenery, it will emphasize environmental preservation while relying exclusively on renewable energy sources, with a ban on single-use plastics and zero waste-to-landfill.

The region’s new dedicated Red Sea International Airport is already nearing completion and is set to open in 2023, while 50 resorts featuring 8,000 rooms and more than 1,000 residential properties are due for completion by 2030.

Last month, the Red Sea Development Company told Arab News that three of the 22 islands will be complete by 2024, hosting 16 hotels, three of which will be ready by next year, including the St. Regis Red Sea Resort at Ummahat Island.

It also announced the opening of its Turtle Bay Hotel and the completion of its 1.2-kilometer Shura Bridge connecting the mainland with its central island hub, and the first inland access roads over 16 kilometers connecting its Southern Dunes resort to the main highway. Around 200 villas and townhouses are now also complete at its Coastal Village.

Further to the north is Saudi Arabia’s ultra-luxury wellness retreat AMAALA, tailored for relaxation and meditation and sports enthusiasts. The initial development phase of the 3,300-square-kilometer site is set to conclude in late 2024 with the opening of nine hotels.


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New attractions on Asir’s mountain peaks will turn the province into a year-round destination. (Shutterstock)

Asir

Down in the country’s southwest, the Kingdom’s highest mountain peaks are also getting a revamp. Last September, the crown prince announced a tourism strategy to develop Asir with an investment of $13 billion, to attract more than 10 million visitors by 2030.

The region’s picturesque green mountains, its fair weather, archeological sites, and dense forests that cannot be found anywhere else in the Kingdom, combined with its renowned hospitality, have attracted thousands of tourists in recent years.

New attractions on Asir’s mountain peaks will turn the province into a year-round destination, exploiting the tourism potential of its geographic and natural diversity, culture and heritage.

In addition, it will provide new jobs, boost quality of life, and upgrade essential services and infrastructure in the region. The PIF plans to set aside $3 billion to build 2,700 hotel rooms, 1,300 residential units, and 30 commercial and entertainment attractions in Asir by 2030.

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The Line is the flagship development in Saudi Arabia’s NEOM megacity project. (Supplied)

NEOM

The Kingdom’s flagship and arguably its most ambitious giga-project is NEOM, first unveiled in 2017.

Located in the Kingdom’s northwest, the futuristic smart city will span 26,500 square kilometers and will be powered entirely by renewable clean energy, providing a model for sustainable living and development.

Three phases of the $500-billion project are currently underway, including Trojena, Oxagon and The Line.

Trojena, a high-altitude destination nestled between the northernmost ranges of the Sarawat mountains, will offer unique, all-year outdoor sports experiences, including the region’s first and only ski resort.

The project will also feature ultra-luxury family and wellness resorts, the region’s largest freshwater lake, an interactive nature reserve, and a range of dining and retail options. It is due for completion in 2026.

Oxagon, meanwhile, is a floating industrial and commercial hub, which will incorporate the most advanced technologies, from artificial intelligence to robotics, and will be powered entirely by clean energy.

Finally, The Line, a 200-meter-wide, 170-kilometer-long city that will accommodate 9 million residents, embodies how urban communities will live in the future in an environment free from roads, cars and emissions, offering a new approach to urban design that will run on 100 percent renewable energy and prioritize people’s health.

According to the design plan, The Line will have an outer mirror facade that will provide the structure its unique character and allow even its small footprint to blend with nature.

Different from tall buildings, the concept layers public parks and pedestrian areas, schools, homes and places for work. The narrow design is intended to reduce the human-made footprint on the landscape and promote greater efficiency. The city will feature a high-speed rail link with an end-to-end transit time of just 20 minutes.

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Saudi Arabia on track to open region's first carbon-neutral airport​

The kingdom signed a $266.3m deal with Irish company daa International


An artist's impression of the Red Sea International airport, which is expected to handle up to one million passengers a year by 2030. Photo: TRSDC

An artist's impression of the Red Sea International airport, which is expected to handle up to one million passengers a year by 2030. Photo: TRSDC

Mariam Nihal
Oct 11, 2022

Saudi Arabia's The Red Sea Development Company has confirmed Irish company daa International as operator of its Red Sea International Airport that is set to open in 2023.

TRSDC will work with daa International on the airport, which is set to become the region's first carbon-neutral airport.

Red Sea International will be fully powered by renewable energy. The cost of operations and general maintenance is expected to be 1 billion Saudi riyals ($266.3m).

TRSDC group chief executive John Pagano said the airport would be ready to welcome guests early next year.

“Red Sea International is ushering in a carbon-neutral, net zero era for airport designs and operations,” he said.

“As the region’s first-ever airport powered by 100 per cent renewable energy, RSI will serve as an innovative blueprint for decarbonised urban destinations of the future.”

The airport will be able to handle about one million domestic and international passengers a year by 2030.

Mr Pagano said the agreement daa International “marks our latest step towards materialising a sustainable, regenerative gateway that will open this under-explored region” of Saudi Arabia to the world.

TRSDC, which is behind the kingdom's major tourism projects on the Red Sea and the Amaala development, welcomed a delegation of Irish officials that included Hildegarde Naughton, Minister of State in the Department of Transport, and Gerry Cunningham, Irish ambassador to the kingdom, to Riyadh to celebrate the signing of the agreement.

The ceremony was attended by General Authority of Civil Aviation president Abdul Al Duailej.

Red Sea International will be the first and only airport in the region with water aerodromes, areas of open water that can be used by seaplanes to land and take-off.

It will also be able to service hydrogen-powered seaplanes.

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Grand Hyatt The Red Sea is part of phase one of the mega-tourism project in Saudi Arabia. All photos: The Red Sea Development Company.

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SLS Red Sea will welcome guests to Shaura Island in early 2023.

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Nujuma, a Ritz-Carlton Reserve, is scheduled to open in 2023. Photo: Marriott International.

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The St Regis Red Sea Resort will be located on a private island and offer travellers a Maldivian-style experience.

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Eco-friendly mountain resort Desert Rock was the first hotel to be announced for Saudi Arabia's Red Sea Project.

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The Red Sea Edition on the island of Shaura will be designed to reflect the best of the location's cultural and social environment.

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Six Senses Southern Dunes will be one of the first hotels to open at the destination.

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The InterContinental Resort Red Sea will have sea-facing rooms and direct beach access.

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Jumeirah's hotel at the Red Sea will have open-plan suites with views of the pristine shorelines.

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Fairmont Red Sea is a luxury family-friendly hotel with a focus on wellness and nature.

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Hyatt-owned Miraval The Red Sea will be home to the region's largest spa. Photo: Hyatt

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Playa Hotels & Resorts has also announced it will open a luxury all-inclusive property on Saudi Arabia's Red Sea. Photo: Playa Hotels & Resorts / Facebook

daa International will provide services to streamline the integration of green technology and waste and resource management, in line with sustainability, safety and security requirements.

TRSDC and the Irish company are working together to attain the Airport Carbon Accreditation Programme offered by Airports Council International Europe.

They intend to achieve the highest standard, Level 4+, which will help Red Sea International to become the first new airport to do so before operations begin.


Impressive projects.
 

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Saudi Crown Prince says kingdom to become “leading industrial power”, launches new national strategy identifying investment opportunities worth SAR 1tn​


The National Strategy for Industry is expected to triple the industrial domestic product and double the value of industrial exports to reach SAR 557mn

by Angitha PradeepOctober 20, 2022


RgBNLvY5-My-project-2022-09-28T132300.264-1200x900-1.jpg


His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister and Chairman of the Council of Economic and Development Affairs has launched the kingdom’s new National Strategy for Industry.


What does the new strategy focus on?

The Strategy aims to build an industrial economy that attracts investment, contributes to achieving economic diversification and develops the kingdom’s domestic product and non-oil exports, in line with the objectives of Saudi Vision 2030.

Why it matters?​


The industrial sector is one of the pillars of the Saudi Vision 2030, and the subject of much attention from the kingdom’s prudent leadership.

The National Strategy for Industry focuses on 12 sub-sectors to diversify the industrial economy in the kingdom, while more than 800 investment opportunities worth one trillion Saudi Riyals have been identified, constituting a new chapter of sustainable growth for the sector.


These will achieve ambitious economic returns for the kingdom by 2030, and include:

  • Tripling the industrial domestic product (and)
  • Doubling the value of industrial exports to reach 557 billion Saudi riyals.

The National Strategy for Industry is also working to bring 1.3 trillion Saudi riyals of additional investment in the sector, and to increase exports of advanced technology products by around six times, in addition to creating tens of thousands of quality, high-value jobs.

The launch of the strategy is aligned with global industrial trends, such as the Fourth Industrial Revolution, along with the kingdom’s competitive advantages in the form of its geographical location, an abundance of natural resources and energy sources, human capabilities, purchasing power and stable monetary policies.

Through the new strategy, the kingdom aspires to empower the private sector and increase the flexibility and competitiveness of the industrial sector. This will ensure:


  • Continuity of access to important commodities for the well-being of citizens,
  • Continuity of economic activity,
  • Leading the regional industrial integration of value chains,
  • Taking advantage of the strengths of the Saudi economy (and)
  • Achieving global leadership in a group of selected commodities by investing in promising new technologies

“Kingdom will become a leading industrial power,” says Saudi prince on the National Strategy for Industry​


“We have all the capabilities we need to enable a competitive and sustainable industrial economy, from ambitious young talent, a distinguished geographic location, rich natural resources, and the presence of leading national industrial companies. Through the National Strategy for Industry and in partnership with the private sector, the kingdom will become a leading industrial power that contributes to securing global supply chains and exporting high-tech products to the world,” said His Royal Highness the Crown Prince.

The National Industrial Development and Logistics Program has previously been launched, and an independent ministry was established to oversee the sector. Other programs and entities have led to an increase in the number of industrial establishments by more than 50% since the launch of the Vision, reaching 10,640 industrial facilities in 2022. The National Industrial Strategy will drive growth in the sector, bringing the number of facilities to around 36,000 by 2035.

Js7vJP3e-saudi-arabia-riyadh-5-1200x900-1-1024x768.jpg


To achieve these ambitious national objectives, a governance model for the industrial sector has been developed through the formation of the Supreme Committee for Industry, headed by His Royal Highness the Crown Prince to oversee the development of the sector. An Industrial Council has also been created with the participation of the private sector, to ensure the participation of industrial investors in decision-making and development policies.

The industrial sector in the kingdom is based on solid industrial foundations and successes built over 50 years, contributing to the addition of more than 340 billion Saudi riyals to the GDP and providing many quality jobs and entrepreneurship opportunities across various industrial fields.

The kingdom also enjoys the presence of leading national industrial companies, which have contributed to the Saudi industry placing in the highest ranks of advanced industries regionally and globally.

Today, the kingdom is the fourth largest manufacturer of petrochemical products in the world, while its industrial outputs contribute to supplying global supply and manufacturing chains, across many industries.

 

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Saudi Crown Prince says kingdom to become “leading industrial power”, launches new national strategy identifying investment opportunities worth SAR 1tn​


The National Strategy for Industry is expected to triple the industrial domestic product and double the value of industrial exports to reach SAR 557mn

by Angitha PradeepOctober 20, 2022


RgBNLvY5-My-project-2022-09-28T132300.264-1200x900-1.jpg


His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister and Chairman of the Council of Economic and Development Affairs has launched the kingdom’s new National Strategy for Industry.


What does the new strategy focus on?

The Strategy aims to build an industrial economy that attracts investment, contributes to achieving economic diversification and develops the kingdom’s domestic product and non-oil exports, in line with the objectives of Saudi Vision 2030.

Why it matters?​


The industrial sector is one of the pillars of the Saudi Vision 2030, and the subject of much attention from the kingdom’s prudent leadership.

The National Strategy for Industry focuses on 12 sub-sectors to diversify the industrial economy in the kingdom, while more than 800 investment opportunities worth one trillion Saudi Riyals have been identified, constituting a new chapter of sustainable growth for the sector.


These will achieve ambitious economic returns for the kingdom by 2030, and include:

  • Tripling the industrial domestic product (and)
  • Doubling the value of industrial exports to reach 557 billion Saudi riyals.

The National Strategy for Industry is also working to bring 1.3 trillion Saudi riyals of additional investment in the sector, and to increase exports of advanced technology products by around six times, in addition to creating tens of thousands of quality, high-value jobs.

The launch of the strategy is aligned with global industrial trends, such as the Fourth Industrial Revolution, along with the kingdom’s competitive advantages in the form of its geographical location, an abundance of natural resources and energy sources, human capabilities, purchasing power and stable monetary policies.

Through the new strategy, the kingdom aspires to empower the private sector and increase the flexibility and competitiveness of the industrial sector. This will ensure:


  • Continuity of access to important commodities for the well-being of citizens,
  • Continuity of economic activity,
  • Leading the regional industrial integration of value chains,
  • Taking advantage of the strengths of the Saudi economy (and)
  • Achieving global leadership in a group of selected commodities by investing in promising new technologies

“Kingdom will become a leading industrial power,” says Saudi prince on the National Strategy for Industry​


“We have all the capabilities we need to enable a competitive and sustainable industrial economy, from ambitious young talent, a distinguished geographic location, rich natural resources, and the presence of leading national industrial companies. Through the National Strategy for Industry and in partnership with the private sector, the kingdom will become a leading industrial power that contributes to securing global supply chains and exporting high-tech products to the world,” said His Royal Highness the Crown Prince.

The National Industrial Development and Logistics Program has previously been launched, and an independent ministry was established to oversee the sector. Other programs and entities have led to an increase in the number of industrial establishments by more than 50% since the launch of the Vision, reaching 10,640 industrial facilities in 2022. The National Industrial Strategy will drive growth in the sector, bringing the number of facilities to around 36,000 by 2035.

Js7vJP3e-saudi-arabia-riyadh-5-1200x900-1-1024x768.jpg


To achieve these ambitious national objectives, a governance model for the industrial sector has been developed through the formation of the Supreme Committee for Industry, headed by His Royal Highness the Crown Prince to oversee the development of the sector. An Industrial Council has also been created with the participation of the private sector, to ensure the participation of industrial investors in decision-making and development policies.

The industrial sector in the kingdom is based on solid industrial foundations and successes built over 50 years, contributing to the addition of more than 340 billion Saudi riyals to the GDP and providing many quality jobs and entrepreneurship opportunities across various industrial fields.

The kingdom also enjoys the presence of leading national industrial companies, which have contributed to the Saudi industry placing in the highest ranks of advanced industries regionally and globally.

Today, the kingdom is the fourth largest manufacturer of petrochemical products in the world, while its industrial outputs contribute to supplying global supply and manufacturing chains, across many industries.


With the revenue the Saudis are generating from oil revenues, they are moving home (and attracting foreigners with) money that would have been spend buying services (tourism) or products (industrial products) abroad.

A smart strategic move, as with this upcoming recession the Saudis will be able to pick for pennies on the dollar a lot of high tech equipment and know how from all over the world.

For the region, it means jobs, as well as industrial knowledge in a country that is more willing to do business with them then some western countries.
 
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Khan2727

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With the revenue the Saudis are generating from oil revenues, they are moving home (and building for visitors) money that would have been spend buying services (tourism) or products (industrial products) abroad.

A smart strategic move, as with this upcoming recession the Saudis will be able to pick for pennies on the dollar a lot of high tech equipment and know how from all over the world.

For the region, it means jobs, as well as industrial knowledge in a country that is more willing to do business with them then some western countries.
Well put.

KSA is one of the best markets in the world to establish manufacturing in for any major company in the world. Cheap and secure energy supply, ample resources, a large domestic and educated population as well as a large access to cheap qualified labour from abroad, no taxation, key geographic location in the world amidst Asia, Africa and Europe and next to some of the major trade routes on the planet, next to/part of the largest economic bloc in the Muslim world (GCC), young population (2/3 of KSA's population is below 30), emerging economy/market, one of the fastest growing economies in a time of economic crisis in the world etc.

Not to mention the many productive social, economic, legal etc. reforms that KSA has undertaken in recent years to improve (tremendously) its international rankings and in particular ease of doing business for foreign firms.

The current government is doing everything in order to make KSA as attractive an investment destination as possible and that is a healthy sign.

KSA should do everything in their power to continue the strong industrialization push and to help move KSA towards becoming an genuine industrial hub. All the potential is there. Just waiting for the opportunities to be seized.
 

FuturePAF

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Well put.

KSA is one of the best markets in the world to establish manufacturing in for any major company in the world. Cheap and secure energy supply, ample resources, a large domestic and educated population as well as a large access to cheap qualified labour from abroad, no taxation, key geographic location in the world amidst Asia, Africa and Europe and next to some of the major trade routes on the planet, next to/part of the largest economic bloc in the Muslim world (GCC), young population (2/3 of KSA's population is below 30), emerging economy/market, one of the fastest growing economies in a time of economic crisis in the world etc.

Not to mention the many productive social, economic, legal etc. reforms that KSA has undertaken in recent years to improve (tremendously) its international rankings and in particular ease of doing business for foreign firms.

The current government is doing everything in order to make KSA as attractive an investment destination as possible and that is a healthy sign.

KSA should do everything in their power to continue the strong industrialization push and to help move KSA towards becoming an genuine industrial hub. All the potential is there. Just waiting for the opportunities to be seized.

While they are making these strategic moves to make great strides in industrial and services development, IMHO, they should look to revive an economic solution to the Yemen war and outflank the Iranian influence there. With more global scrutiny on Russia and Iran due to the Ukraine war, now is the best time to do it.

A rail tunnel (~$20 billion project) under the Bab-al-Mandab (between Yemen and Djibouti) would see Saudi enter African politics in a larger manner. A bridge was proposed by the Saudis about 20 years ago, but it makes even more sense nowadays, IMHO, as they would want a stable Yemen when they are building out their industrial facilities.

With their position in the Islamic world, they could build a consensus clear across at least the Muslim horrify parts of Africa, all the way to Senegal in West Africa, and tie themselves into the people, development, as well as the raw materials there, to fuel their industrial development.
 
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aziqbal

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Alhamdulliah

I just came back from Umrah and have to say the have done good job in Makkah and Madinaih and the we took the high speed between Makkah and Madiniah and it was 2 hours !

very nice train stations look more like 5 star hotels
 

Khan2727

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While they are making these strategic moves to make great strides in industrial and services development, IMHO, they should look to revive an economic solution to the Yemen war and outflank the Iranian influence there. With more global scrutiny on Russia and Iran due to the Ukraine war, now is the best time to do it.

A rail tunnel (~$20 billion project) under the Bab-al-Mandab (between Yemen and Djibouti) would see Saudi enter African politics in a larger manner. A bridge was proposed by the Saudis about 20 years ago, but it makes even more sense nowadays, IMHO, as they would want a stable Yemen when they are building out their industrial facilities.

With their position in the Islamic world, they could build a consensus clear across at least the Muslim horrify parts of Africa, all the way to Senegal in West Africa, and tie themselves into the people, development, as well as the raw materials there, to fuel their industrial development.

Yes and I think that such a development (connecting Arabia with Muslim parts of Africa) is only a natural thing. Just in the Islamic era (past 1400 years) we cannot underestimate the massive Arab influence in the Horn of Africa, Sahel (itself an Arabic word), Swahili coast (itself an Arabic word) and Sub-Saharan Africa (Muslim parts).

I think that the bridge connecting West Asia (Asia) with Horn of Africa (Djibouti and Africa as a whole) is a great and sensible idea but it requires that Yemen and the Horn of Africa enters (eventually that will happen) a period of sustained peace and development. After all the potential is quite big.

I also think that KSA has learnt it the hard way that for genuine influnece in country x or y (outside from ethnic, religious, cultural, historical, geographic etc. connections) money alone (monetary gifts, loans, bribes whatever) cannot work on its own but it requires attaching country x or y to the Saudi Arabian economy to create a deeper "state to state" bond. Something that is also relevant for Pakistan in the future.

Saudi wealth fund targets $24bn investment in Arab states​



Future Investment Initiative Conference and Saudi Arabia’s Increasing Thrust on Soft Power​



Alhamdulliah

I just came back from Umrah and have to say the have done good job in Makkah and Madinaih and the we took the high speed between Makkah and Madiniah and it was 2 hours !

very nice train stations look more like 5 star hotels

Good to hear. How is the ongoing enlargement and general work in Makkah and Madinah going? Many projects have been initiated.
 

FuturePAF

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Yes and I think that such a development (connecting Arabia with Muslim parts of Africa) is only a natural thing. Just in the Islamic era (past 1400 years) we cannot underestimate the massive Arab influence in the Horn of Africa, Sahel (itself an Arabic word), Swahili coast (itself an Arabic word) and Sub-Saharan Africa (Muslim parts).

I think that the bridge connecting West Asia (Asia) with Horn of Africa (Djibouti and Africa as a whole) is a great and sensible idea but it requires that Yemen and the Horn of Africa enters (eventually that will happen) a period of sustained peace and development. After all the potential is quite big.

I also think that KSA has learnt it the hard way that for genuine influnece in country x or y (outside from ethnic, religious, cultural, historical, geographic etc. connections) money alone (monetary gifts, loans, bribes whatever) cannot work on its own but it requires attaching country x or y to the Saudi Arabian economy to create a deeper "state to state" bond. Something that is also relevant for Pakistan in the future.

Saudi wealth fund targets $24bn investment in Arab states​



Future Investment Initiative Conference and Saudi Arabia’s Increasing Thrust on Soft Power​





Good to hear. How is the ongoing enlargement and general work in Makkah and Madinah going? Many projects have been initiated.

It also, deflates the influence of groups like Al-Shabab and Boko Harem, because it’s a real, comprehensive set of business opportunities with the nation in which Mecca and Medina are located. Basically calling the bluff of these militant groups on their legitimacy.

If the Saudis don’t do it, other will, including Turkey, which is already doing a lot in Somalia and Senegal.

Through a built up petrochemical and industrial industry in Saudi Arabia, the Saudis could export a lot to these countries and the world and diversify away from just export raw oil and gas.
 

EternalMortal

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With $1.1tn investment, Saudi Arabia to become the world’s biggest construction site: Knight Frank​


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RIYADH: Following the launch of Saudi Arabia’s Vision 2030 in 2016, the Kingdom is on its way to becoming the world’s biggest construction site with a total investment of SR4.13 trillion ($1.1 trillion) in infrastructure and real estate projects, according to global real estate consultancy Knight Frank.

The real estate firm projected that Riyadh’s population will reach 17 million by 2030, up from about 7.5 million today. The city has unveiled real estate projects worth $104 billion since the Kingdom’s National Transformation Plan launch in 2016.

“Vision 2030 has lit the embers of excitement across the Kingdom, and with NEOM positioned as a crown jewel in the transformative plans, people are eager to be part of history,” Faisal Durrani, partner and head of Middle East research, Knight Frank told Arab News.

Saudi Arabia will easily become the largest construction site in history, with planned construction projects in the Kingdom being over 555,000 residential units, over 275,000 hotel keys, over 4.3 million square meters of retail space, and over 6.1 million square meters of office space, Durrani said.

The consultancy firm is currently monitoring 15 giga-projects in the Kingdom, many of them new standalone supercities, said Harmen de Jong, partner and head of real estate, Strategy& Consulting in the Kingdom.

NEOM is expected to house 9 million residents across 300,000 new homes once completed, making it the largest giga-project announced to date, Jong added.

Among 1,000 Saudi households surveyed, Diriyah Gate came third in popularity as a place to own a home, behind NEOM and The Red Sea Project.

NEOM is radically redefining urban living in resource-poor regions, Durrani said. At the same time, sub-cities like the Octagon, Trojena and the Line will set new benchmarks for luxury living in the area.

Around 30 percent of Saudi homeowners are prepared to spend more than $800,000 on a second home at NEOM. “Developers have their work cut out to satisfy this pent-up demand,” Durrani added.


They're building all this with the expectation that they will have 100M tourists in 2030. Like REALLY? France had 90M in 2022 the highest worldwide. And that's France. For comparison, SA is at less than 20M. Highly unlikely that they're going to reach 100M by 2030.

Would be more sensible to cut some tourism projects & direct that money to healthcare, education, R&D, industry, infrastructure & buying up international companies instead. They can always invest more in tourism if they see high numbers of tourists.

Also, what's the social cost to this? They're pretty much catering to non-muslim tourists. I'm assuming the wahabbis are essentially cucked or there would've been a response by now. But if not, they could avoid any future social upheaval by investing in Muslim countries. Muslim tourists wouldn't require massive social change.

Real estate - Lot's of talk about sustainability. I hope they're moving away from car-centric urban areas. Jeddah tower is just an ego project & waste of money. They could've made more shorter buildings for the same cost. Maintenance & energy requirements would be cheaper & would have been finished by now too.

NEOM - For now, the less said, the better. Too much money wasting going on there at the moment. Hope it works out though.
 
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Khan2727

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Saudi Arabian Mining Company posts 71% jump in net profit to reach SAR 2.7 billion in Q3, 2022​


The company’s sales also registered a 50 percent rise in Q3 2022 to reach SAR 10 billion

By Staff Writer
Wed 2 Nov 2022

Saudi Arabian Mining Company Ma’aden
Image: Ma’aden

Saudi Arabian Mining Company (Ma’aden) announced a 71 percent jump in its net profit to reach SAR 2.7 billion in the third quarter of this year, over the same year-ago period.

The company’s sales also registered a 50 percent rise in Q3 2022 to reach SAR 10 billion ($ 2.7 billion).

Ma’aden said higher production volumes during the period, despite lower commodity prices helped the company to improve its bottom line in the latest quarter.

The input costs during the period also went, impacting the overall profitability of the company.

Robert Wilt, CEO of Ma’aden said during the quarter the company’s focus was to deliver long-term growth.

“We remain on track for a record year, underpinned by the company’s strong cash generation, diversified operations, and global customer base,” he said.

Wilt said this has mitigated the impact of external pressures in Q3 from lower commodity prices and higher input material costs, which have already started to normalise in Q4.

“Looking ahead, we will continue to develop our operations so that we can deliver sustained, market-leading growth while establishing mining as the third pillar of the Saudi economy,” he said.


Among the major developments this quarter, Ma’aden signed four memoranda of understanding (MoUs) with the largest fertilizer companies in India, in August, increasing the company’s access to the world’s largest export market for phosphate and ammonia.

In August, Ma’aden ended trial production and commenced commercial production at the Ammonia 3 plant, part of its third phosphate project.

The plant has a capacity of approximately 1.1 million tons annually and will strengthen Ma’aden’s position as the global leader in fertilizer production.

During the quarter, the mining major also started extracting gold from the Mansourah-Massarah site for the first time.

As Ma’aden’s largest gold project to date, the plant is expected to produce an average of 250,000 ounces per annum, increasing its current gold mining capacity by 70 percent.

 

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