Saudi Arabia's' 2030 Vision 'Promotes Infrastructure Rise, Global Construction Market Sees Golden Opportunity
Since the launch of Saudi Arabia's "2030 Vision", the government's investment in infrastructure has exceeded $1.1 trillion, especially in the acceleration of large-scale projects in education, culture, tourism and other fields. As Saudi Arabia gradually breaks away from its dependence on oil, the diversified development of infrastructure has become a key pillar of the country's economic transformation. These projects not only include mega city development and infrastructure construction, but also encompass large-scale cultural and entertainment facilities, reflecting Saudi Arabia's grand blueprint for enhancing domestic and international competitiveness.
In 2024, the scale of infrastructure construction in Saudi Arabia will reach 31 billion US dollars, and the construction industry will enter a golden period, especially with the launch of several iconic projects, indicating that Saudi Arabia is rapidly becoming the center of the global construction market.
Project location: King Salman Knowledge Zone in Saudi Arabia. The project is located in the Deraiyah region west of the Saudi Arabian capital Riyadh
Building area: approximately 340000 square meters
Contract cost: approximately 2.08 billion US dollars
Project scope: Mainly including iconic cultural buildings such as King Salman University, Capella Hotel, Saudi Royal Museum, King Salman Library, and King Salman Cultural Square.
Winning bidder: China State Construction Engineering Corporation+Saudi Arabia El Seif Engineering Contracting Co. Ltd. consortium
In February 2024, Jeddah Central Development Corporation (JCDA) signed four construction contracts worth up to $3.2 billion with two Chinese companies and a local Saudi company.
The project is to develop 5.7 million square meters of land in the center of Jeddah, creating a comprehensive urban new area that integrates leisure, sports, health, culture, and commerce.
These four projects include infrastructure engineering and three landmarks: sports stadium, oceanarium, and opera house. These projects will not only reshape the urban landscape of Jeddah, but also push Jeddah to the forefront of global vision through the perfect combination of culture and entertainment. After completion, the project will cover six distinctive areas: beach leisure and living area, sports park area, health and wellness area, cultural and creative area, coastal area, and central area.
Total project amount: 3.2 billion US dollars
Winning bidder: China Harbour Engineering Arab Limited (CHEC) - Infrastructure Engineering; China Railway Construction Saudi Arabia Branch and Shama Construction Contractor Joint Venture - Sports Stadium; Modern Building Leaders (MBL) - Aquarium and Opera House Project
Contract amount: 759 million Saudi riyals (approximately 202 million US dollars)
Engineering project: The main content includes the foundation excavation project of Phase 2, covering an area of 6.3 square kilometers.
Saudi Arabia's continuous investment in infrastructure is not only aimed at enhancing the competitiveness of the domestic economy, but also provides enormous opportunities for global enterprises. With the advancement of the "2030 Vision", Saudi Arabia's construction needs in education, culture, tourism, healthcare, technology and other fields will continue to grow. This series of measures will promote Saudi Arabia to become a world-class cultural, tourism, and commercial center.
In addition, Saudi Arabia's investment in green energy, smart city construction, and high-tech fields will continue to increase, providing more opportunities for global construction companies. The technological advantages of Chinese construction enterprises and their successful experience in the Saudi market will give them a favorable position in future projects.
來源：國際工程與境外投資
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