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Saudi Vision 2030 brings projects worth nearly $1tn

Almost $300 bn is allocated for new infrastructure

The Saudi Vision 2030 project, which started in 2016 with the primary aim to bring diversification in the Kingdom, has announced that there have been new projects in real estate and infrastructure worth $1 trillion, according to Knight Frank, a global real estate consultant. It also mentioned in its report that $300 billion has been allocated for new infrastructure in the Kingdom.

Around half a decade back, Saudi Arabia inaugurated its ambitious Vision 2030 plan with the primary plan of bringing a significant shift in many areas. Saudi Vision 2030 aims to create a vibrant society, a thriving economy, and an ambitious nation.

Faisal Durrani, Partner at Head of Middle East Research at Knight Frank, said in a press release, “Saudi Arabia is a country being reborn. The ambition that underpins Vision 2030 is being borne out in reality and we are rapidly closing in on $1 trillion of developments, all of which are colossal.The scale of infrastructure improvements in the country is phenomenal. The targets laid out by the government for attracting 100 million annual visitors to the country by 2030 means that both adequate and first-class gateways need to be created.”

He also added that the number and the value of the major projects in Saudi Arabia will transform the real estate sector landscape and will upgrade its standard of living. The analysis also explained that the cruise industry in the Kingdom is set to create up to 50,000 jobs nationally and by 2028, the Kingdom will expect 1.5 million cruise visitors annually.

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