Saudi Pumps More Than $40 Billion Into New Development Projects

Published November 25th, 2018 - 06:20 GMT

Most new projects are being implemented by national ministries and agencies. (Shutterstock)
Most new projects are being implemented by national ministries and agencies. (Shutterstock)

Mega development projects nationwide have been inaugurated by Saudi King Salman bin Abdulaziz, in the presence of Crown Prince Mohammed bin Salman, during a royal tour of the Kingdom.

The new development projects will see astronomical investments totaling SAR150 billion ($40 billion), of which SAR 85 billion ($22.6 billion) is allocated to Waad AlShamal Development City, the largest industrial project in the region and the future’s largest phosphate producer worldwide.

Most new projects are being implemented by national ministries and agencies.

There have also been 11 projects for the Saudi Commission for Tourism and National Heritage, 69 projects for the Ministry of Municipal and Rural Affairs, 21 projects for the Ministry of Environment, Water and Agriculture, 16 projects for the Ministry of Transport, 18 port projects, as well as housing and education projects.

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Waad AlShamal is propped up as an integrated mineral city, located northeast of the city of Tarif which lies near the Kingdom’s northern border region.

At least 600 Qasim region projects will boost the Kingdom’s central district’s performance across 12 sectors. It is worth noting that the spot is known for abundant natural resources in addition to a strategic heartland geographic location.

The most notable projects have been launched for the Ministry of Energy, Industry and Mineral Resources. These projects are worth 4.94 billion Saudi riyals ($1.3 billion).

Apart from its economic value, the Qasim region is also home to historic cultural heritage.

King Salman also launched 259 projects in the northern region of Ha’il at a cost of 7 billion Saudi riyals ($1.9 billion).

As for projects launched in the Tabuk region, they will cover an area of more than 3,800 sq km and will target more than 2,500 hotel keys and 700 residential villas, apartments and estate homes, plus over 200 high-end retail establishments with an eclectic mix of galleries, ateliers, artisan workshops and bespoke retail shops supported by a wide range of international and local signature dining venues.

The Saudi Commission for Tourism and National Heritage is set to own 11 of the projects worth SAR 98 million and the Ministry of Municipal and Rural Affairs owns 69 projects worth SAR 757 million.

The Ministry of Environment, Water and Agriculture will cover 21 projects worth SAR1.5 billion; the Ministry of Energy, Industry and Mineral Resources owns two projects for the Saudi Authority for Industrial Cities worth SAR46 million and three projects for the electricity department worth SAR5 billion; the Ministry of Housing owns two projects worth SAR408 million; the Ministry of Education owns 11 projects, six of which are educational projects and five for the University of Tabuk, worth SAR1.6 billion; the Ministry of Transport owns 16 projects worth SAR1.6 billion; and the General Authority of Ports owns 18 projects at a total value of SAR 876 million.


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