Saudi Arabia has launched several mega projects under its Vision 2030 initiative to diversify its economy and reduce its dependency on oil. Here are the key projects along with their descriptions and estimated funding requirements:
Neom
- Description: Neom is a futuristic mega-city located in northwest Saudi Arabia, envisioned to be powered entirely by clean energy. It includes The Line, a 170km-long, 500-meter-tall city designed to house 9 million residents. The project also aims to incorporate cutting-edge technologies like autonomous vehicles and AI-driven services.
- Estimated Funding: $500 billion, funded by the Public Investment Fund (PIF) and local and international investors.
The Red Sea Project
- Description: The Red Sea Project is a luxury regenerative tourism destination covering more than 28,000 square kilometers. It features an archipelago of over 90 islands, dormant volcanoes, and ancient archaeological sites. The development focuses on sustainability, aiming to create eco-friendly resorts and preserve the natural habitat.
- Estimated Funding: $10 billion, primarily funded by the PIF.
Qiddiya
- Description: Qiddiya is an entertainment city located near Riyadh, set to feature attractions like the world’s fastest roller coaster at Six Flags Qiddiya. The project also includes a large water park and multiple entertainment zones, aiming to establish Saudi Arabia as a major tourist destination.
- Estimated Funding: $8 billion, funded by the PIF and local entities.
Diriyah Gate
- Description: Diriyah Gate is a cultural and historical development around the UNESCO World Heritage site of At Turaif. The project aims to preserve Saudi Arabia’s rich heritage while creating a vibrant tourism hub, featuring museums, cultural venues, and traditional marketplaces.
- Estimated Funding: $20 billion, with investments from the PIF.
Amaala
- Description: Amaala is an ultra-luxury tourism destination on the Red Sea coast, offering over 3,000 hotel rooms across 25 hotels and luxury residential properties. The development focuses on wellness, art, and culture, aiming to attract high-net-worth individuals.
- Estimated Funding: $5 billion, funded by the PIF and private investors.
OXAGON
- Description: OXAGON is the world’s largest floating structure, part of the Neom project. It aims to revolutionize industrial cities with zero carbon emissions and state-of-the-art logistics and supply chain facilities. The city will blend seamlessly with its marine environment, promoting sustainability and innovation.
- Estimated Funding: $7 billion, funded by the PIF and international investments.
Sindalah
- Description: Sindalah is a luxury island and yacht club destination within Neom. It aims to become a premier tourist attraction in the Red Sea, offering high-end hospitality services and marine activities, while emphasizing sustainability and environmental conservation.
- Estimated Funding: Part of the broader Neom project funding.
The Rig
- Description: The Rig is a unique tourism project that transforms an oil rig into an 800-room hotel resort. It will feature adventurous activities, including water sports and an underwater restaurant, offering an unparalleled experience for thrill-seekers.
- Estimated Funding: $1 billion, funded by the PIF and private investments.
AlUla
- Description: AlUla is a cultural heritage project aimed at transforming the region into a cultural capital. It features preserved historical sites, including ancient tombs and sandstone outcrops, attracting tourists interested in history and archaeology.
- Estimated Funding: $2 billion, backed by the Royal Commission for AlUla and the PIF.
Trojena
- Description: Trojena is a futuristic mountain resort within the Neom project, offering a year-round ski village and luxury hotels. The resort will provide diverse activities and experiences, aiming to redefine mountain tourism.
- Estimated Funding: $3 billion, funded by the PIF and private investors.
Conclusion
These mega projects will inject hundreds of billions of dollars into Saudi Arabia’s economy. They will foster cooperation with global companies, enhancing the country’s infrastructure and economic diversity. Additionally, these projects will provide significant cultural benefits, promoting tourism and preserving heritage. By developing these innovative and sustainable projects, Saudi Arabia aims to secure a prosperous and diversified future.
