The value of Saudi Giga projects contract awards has risen sharply to $196 billion this year, up 20 per cent from 2024, underscoring the pace at which projects are transitioning from vision to reality, said a Knight Frank report.

From new cities and major infrastructure projects to world-class sports venues and luxury tourism destinations, the multi-trillion-dollar programme set out under the Vision 2030 plan is delivering unprecedented national economic transformation.

Riyadh is at the heart of the kingdom’s transformation and is leading Saudi Arabia’s giga-project agenda, with landmark developments such as Diriyah Gate, King Salman Park and the 220-km-long Sports Boulevard redefining the city’s urban fabric.

Diriyah is the 15th century birthplace of the First Saudi State, so it is perhaps fitting that Diriyah Gate is among the most advanced giga projects in the kingdom.

The $63-billion project is transforming Diriyah into a world-class heritage destination that merges historic Najdi architecture with modern luxury.

Centred around the At-Turaif Unesco heritage site, the total value of commissioned projects to date stands at $14.5 billion, with a further $45.6 billion in the pipeline.

A total of $5.9 billion worth of contracts were awarded last year with an additional $3.7 billion awarded in the first eight months of 2025,  the report added.

Faisal Durrani, Partner – Head of Research, Mena, said: “Riyadh has firmly established itself as Saudi’s new economic powerhouse. Projects worth over $237 billion have been announced across real estate, infrastructure and transportation sectors since 2016, with $44 billion already awarded in construction contracts.”

These investments will support projected city population boom from seven million in 2022 to 10.1 million by 2030 with over 340,000 homes, 4.8 million sq m of offices, 3 million sq m of retail and close to 30,000 new hotel rooms.

“This is one of the world’s most ambitious urban growth stories and the scale of development not only elevates Riyadh’s liveability, but underlines its evolution into a world-class hub for business, tourism and global talent,” he added.

Western Saudi Arabia is emerging as a centrepiece of Vision 2030, said Knight Frank, with giga projects such as NEOM, The Red Sea and Qiddiya Coast redefining the region through futuristic development, protected natural landscapes and luxury tourism destinations.

In total, 17 giga projects are under way along the western seaboard, with $431 billion of investment announced since 2016, $57 billion of contracts already awarded and $187.2 billion in the pipeline.