PIF finances five major projects with 157.5 billion riyals until the end of 2023

Data provided by the International Monetary Fund’s report on Saudi mega projects for 2024 revealed that the Public Investment Fund financed five major projects in the Kingdom until the end of 2023 with a total of $42 billion (157.5 billion riyals), while the cost of these five projects, described as Giga Projects, is estimated at about $634 billion. According to the report, in which the IMF relied on information published by MEED, the NEOM project received $24 billion (90 billion riyals) from the Public Investment Fund until the end of last year, while the Red Sea International Projects came in second with funding of $8.3 billion, then Qiddiya, which is described as the future capital of entertainment, sports and culture, with $3.7 billion. In fourth place is Roshen with $3.1 billion, followed by the Diriyah Gate project with $2.9 billion. The Public Investment Fund describes these mega projects as designed to stimulate the economy, and their positive impacts are expected to extend beyond the real estate and infrastructure sectors, helping to diversify the economy away from oil, due to their massive size. The NEOM project is one of the most prominent projects of the Public Investment Fund in the Kingdom of Saudi Arabia. This project will be the start of change, as NEOM presents an ambitious vision for a new concept of the future and builds a global center for entrepreneurship and innovation. NEOM extends over an area of ​​​​26,500 square kilometers, and will operate entirely on renewable energy, to be a destination and home for dreamers and a vibrant community through which it provides influential and innovative solutions. In line with the Kingdom’s Vision 2030, the NEOM project will implement the circular economy model, adopting a carbon-free approach. Its innovative design and advanced technological solutions will redefine the concept of urban living, enhance environmental sustainability and improve the quality of life. Led by Qiddiya Investment Company, which was established in 2018, the Qiddiya project, one of the fund’s mega projects, was launched to be the capital of entertainment, sports and culture. Qiddiya is the first destination of its kind in the region dedicated to entertainment, sports and culture. Qiddiya is expected to become a distinctive global destination, as it will be home to the most innovative and diverse experiences in the field of entertainment, where visitors will be able to enjoy a variety of activities and services.

Qiddiya occupies an area of ​​376 square kilometers, and seeks to drive the Saudi economy and open innovative career paths that enrich the lives of Saudi youth in the Kingdom. The Red Sea International Company was established in 2018, and is the developer of the “Red Sea” and “Amaala” destinations, which are two of the most ambitious tourism projects in the world, putting people and nature at the forefront of its work. The Red Sea destination extends over an area of ​​more than 28,000 square kilometers, and includes the fourth largest thriving coral reef in the world. The destination will contribute to reaching one million visitors by 2030. “Red Sea International” contributes to achieving the goals of the Kingdom’s Vision 2030 to diversify the economy and provide job opportunities in promising sectors, such as tourism and hospitality, in addition to enhancing environmental and cultural heritage. Established in 2018, Roshn is a leading real estate developer that is reshaping the way people live, work and play in Saudi Arabia. Roshn builds sustainable communities and contributes to achieving one of the goals of the Kingdom’s Vision 2030 to raise the percentage of household ownership to 70% by 2030. Roshn develops integrated residential communities in the Kingdom that include a variety of distinguished facilities with designs inspired by authentic Saudi heritage, including parks, pedestrian walkways, cycling paths, restaurants, cafes, schools and mosques, to provide a modern and contemporary lifestyle for Saudis. Established in 2022, Diriyah Development Company is responsible for developing the Diriyah project, which is considered the cradle of the Kingdom of Saudi Arabia, as it includes one of the areas listed on the UNESCO World Heritage List. Diriyah offers a mix of cultural, historical and touristic landmarks, and showcases 300 years of Saudi Arabia’s history to the world. The Diriyah Gate Development Company, whose objectives are in line with the Public Investment Fund’s strategy to unleash the potential of promising sectors, seeks to become the largest cultural and heritage destination in the world, with the aim of enhancing the Kingdom of Saudi Arabia’s position in the tourism and culture sectors at the regional and international levels.