The value of contracts awarded under Saudi Arabia’s giga-projects rose 20% this year to $196 billion, reflecting rapid growth across real estate, infrastructure, and tourism, according to Knight Frank’s Saudi Arabia Giga Projects Report 2025.

The consultancy said the surge underscores Vision 2030’s transition from planning to execution, with Riyadh at the center through flagship projects such as Diriyah Gate, King Salman Park, and the 220-kilometer Sports Boulevard.

It added that Saudi construction output is projected to reach $191 billion by 2029, a 29% increase from 2024, driven by residential growth, ongoing giga-projects, and rising office demand.

Faisal Durrani, partner and head of research for the Middle East and North Africa at Knight Frank, said Riyadh has emerged as the Kingdom’s “new economic powerhouse,” accounting for 63% of new jobs created since 2019. Since 2016, projects worth over $237 billion have been announced across real estate, infrastructure, and transport, with $44 billion already awarded.

These developments aim to support Riyadh’s population growth from 7 million in 2022 to 10.1 million by 2030, delivering 340,000 new homes, 4.8 million sq. meters of office space, 3 million sq. meters of retail, and nearly 30,000 hotel rooms. Durrani described the scale as among the most ambitious urban growth programs globally, positioning the capital as a hub for business, tourism, and talent.

Diriyah Gate, one of Riyadh’s flagship projects, has become a frontrunner with $5.9 billion in contracts awarded in 2024 and another $3.7 billion in the first eight months of 2025. Total awards now stand at $14.5 billion, with $45.6 billion still in the pipeline.

In western Saudi Arabia, 17 giga-projects worth $431.3 billion are underway, with $57 billion awarded to date. Anchored by Neom, Red Sea Global, and Qiddiya Coast, the region is set to deliver by 2030 more than 382,500 homes, 3 million sq. meters of office space, 4.3 million sq. meters of retail, and 330,000 hotel rooms. Neom alone accounts for $24 billion in awarded contracts, including $8.9 billion for The Line and $9.3 billion for Oxagon.

Outside Riyadh and the western corridor, giga-projects and national initiatives total $132.3 billion, with $31.4 billion already commissioned. These include tourism development in Aseer, city-center revitalization, and large-scale housing programs by the National Housing Co. and PIF-backed ROSHN.

Sports and entertainment are also a growing focus, with $17.5 billion invested in stadiums ahead of major global events and SEVEN rolling out $4.7 billion in leisure destinations across the Kingdom.

The consultancy concluded that the pace of contract awards and project execution indicates that Saudi Arabia’s multi-trillion-dollar Vision 2030 program, once seen as largely aspirational, has now entered the delivery stage.