Saudi Arabia awards record $148bn project contracts in 2024
Saudi Arabia awarded just under $148 billion worth of contracts in 2024, the highest total ever recorded by a single country in the GCC, as its giga projects programme enters full swing.
This total is more than double the $287 billion total for the region as a whole last year, itself a record high, said a MEED report ahead of its Saudi Giga Projects Summit for 2025.
To be held in Riyadh at The Venue from May 12 to 14, it aims to present an in-depth analysis of the kingdom's ongoing giga projects, serving as a platform for construction updates, progress reports, and networking opportunities among stakeholders in the Saudi construction sector.
The Saudi Giga Projects 2025 Summit, which is being hosted by ROSHN Group, aims to pioneer the future of construction and infrastructure sectors. It will provide participants with a comprehensive understanding of the kingdom's ambitious construction endeavours.
Data from the MEED Projects database reveals that an estimated $105 billion worth of work has already been contracted on the $870 billion-plus giga projects programme, highlighting that most of the activity is still to come.
The giga projects program is at the heart of Saudi Arabia's 2030 Vision aimed at transforming the kingdom into a tourism and entertainment hub while creating hundreds of thousands of new jobs.
The kingdom's projects market performance was driven by its construction and infrastructure sectors, which together reached $49 billion, the majority of which comprised expenditure on giga projects.
Beyond project updates, the event serves as a gateway to explore a broader spectrum of prospects within every facet of the construction industry, said the organisers.
The upcoming event will focus on key projects, spotlighting Soudah Development, The Boutique Group, ROSHN, Red Sea Global, Diriyah, AlUla, NEOM, King Salman Park and New Murabba among others.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Trade Arabia
11 hours ago
- Trade Arabia
ROSHN Group backs Hajj Season Support Programme as Main Sponsor
ROSHN Group, Saudi Arabia's leading multi-asset real estate developer and a PIF company, is collaborating with the Ministry of Defense to enrich the Hajj experience for pilgrims. ROSHN Group said it is proud to serve as a Main Sponsor of the 1446H Hajj Season Support Programme, under the supervision of the Ministry of Defense's General Directorate for Safety Services. The programme aims to serve more than 50,000 pilgrims, including ministry personnel, guest pilgrims from within the kingdom and abroad, and the families of martyrs and active-duty soldiers. ROSHN Group's contribution involves providing vital supplies and support services across the holy sites, helping ensure a dignified, safe, and comfortable pilgrimage for all. This collaboration reflects the group's commitment to national initiatives and community well-being. It aligns with the goals of Saudi Vision 2030, particularly the Pilgrims Experience Program, which seeks to enrich the spiritual journey of every pilgrim while enhancing the Kingdom's standards of hospitality and care, ROSHN Group said. - TradeArabia News Service
Trade Arabia
12 hours ago
- Trade Arabia
ROSHN Group signs MoU with Singapore to promote real estate innovation
ROSHN Group, Saudi Arabia's leading multi-asset real estate developer and a Public Investment Fund (PIF) company, has signed a memorandum of understanding (MoU) with the Singapore Cooperation Enterprise as part of its ROSHNEXT innovation programme. The programme aims at exploring institutional partnerships, sharing best practices in urban governance, and identifying collaboration frameworks for improved master planning and commercial sourcing. The MoU was signed during a visit undertaken by ROSHN Group senior representatives to explore collaboration with Singaporean entities in the real estate industry. During the visit, the group engaged with several of Singapore's government organisations, educational institutions, and businesses to share insights, promote collaboration, and initiate discussions around a long-term partnership to foster innovation between the two countries. ROSHN Group's senior representatives met with leading innovation leaders in academia and industry to exchange insights on applied research and development, explore ideas for workforce upskilling, and co-develop innovation programs tailored for the real estate sector. The Group also met with property technology organizations and developers to discuss innovations in end-to-end urban planning, engineering, and infrastructure delivery. 'At ROSHN Group and under ROSHNEXT, our innovation programme, we believe Singapore's advancement in urban development present valuable opportunities for knowledge sharing and collaboration,' said Yassen Kattan, Chief Officer Strategy & Corporate Affairs of ROSHN Group. 'The visit and MoU with Singapore Cooperation Enterprise opens the door to long-term collaboration to push the boundaries of what is possible in terms of developing futuristic, human-centric developments, by enabling us to integrate innovation into the way we design, develop, and operate destinations that redefine modern living and contribute to Saudi Arabia's transformation into a knowledge and innovation-driven economy.' -
Biz Bahrain
2 days ago
- Biz Bahrain
Vatel Bahrain Showcases Premier International Hotel Management Education at Alumni Club Expo in Dammam
Vatel Bahrain took part in the Bahraini-Saudi University Expo, held in Dammam, Kingdom of Saudi Arabia. Organised by the Alumni Club in collaboration with Asas Al-Elaqa for Exhibitions. The event welcomed the participation of a wide array of universities, colleges, institutes, and educational and training academies from Bahrain, Saudi Arabia, and across the Gulf region. Vatel Bahrain's participation at the expo attracted substantial attention from prospective students and visitors, who engaged directly with the college's representatives to gain insight into its distinctive academic offerings. The spotlight was on its flagship bachelor's programme in International Hotel Management, which integrates rigorous academic instruction with immersive, real-world training. This comprehensive curriculum is purposefully structured to develop advanced competencies across the hospitality, tourism, and hotel management sectors—equipping graduates with the skills, versatility, and global perspective required to thrive in today's competitive international hospitality landscape. Commenting on the participation, Sheikh Khaled bin Khalifa Al Khalifa, General Director of Vatel Bahrain, underscored the college's commitment to participating in educational exhibitions to introducing prospective students to its programmes, and noted that such engagements are pivotal in raising awareness of Vatel Bahrain's role in enhancing academic and professional opportunities within the hospitality industry. Sheikh Khaled commented, 'We are particularly eager to participate in exhibitions held in Saudi Arabia, as Vatel Bahrain is among the institutions officially recommended for Saudi students pursuing studies abroad. Our participation in the Expo underscores Vatel Bahrain's ongoing commitment to advancing regional academic collaboration and broadening access to quality education across the Gulf.' Sheikh Khaled further emphasised that the expo served as a valuable platform for engaging directly with prospective students expressing interest in Vatel Bahrain's International Hotel Management programme. 'Our objective is to support students by addressing their queries, providing tailored academic guidance, and highlighting the unique advantages of pursuing higher education within an internationally recognised and forward-looking academic environment,' Sheikh Khaled stated. 'Vatel Bahrain continues to solidify its position as a premier regional centre of excellence in tourism, hospitality, and hotel management education—and we warmly welcome aspiring students to be part of this transformative journey.'
