The Saudi real estate and construction sectors have been experiencing a period of rapid expansion due in part to a string of giga-projects and an economy rebounding from the pandemic. Indeed, the Kingdom is currently engaged in some of the largest construction projects in the world, including NEOM, the $500bn new city in the north-west, and developments on the Red Sea coast...
Following delays, the long-awaited GCC Railway looks likely to be revitalised – a move that could transform trade and connectivity across the Gulf. The project was given a significant boost in December 2021 when leaders of the six GCC countries approved the establishment of the GCC Railways Authority, the body that is expected to oversee the ongoing coordination of the project...
As environmental concerns become increasingly pressing for governments and businesses alike, the shipping industry is taking steps to reduce its carbon footprint. In August 2021 Danish shipping company Maersk, the world’s largest container shipping line, announced that it had invested $1.4bn in eight new vessels to be powered by methanol, rather than oil-based fuels. The ships...
Saudi Arabia’s transport and logistics sector encompasses a broad range of active facilities and routes. Given the Kingdom’s position between Europe and Asia and its central role in the global energy market, as well as the current importance of imported goods for meeting basic consumer demand, transport and logistics are crucial to the economy. Plans for the sector’s future...
By 2030 Saudi Arabia is seeking to attract 100m domestic and international tourists per annum as part of wider efforts to diversify economic growth away from hydrocarbons (see Tourism chapter). This target represents a significant increase in inbound visitors and internal movement within the Kingdom for leisure purposes, and will necessitate upgrades and expansion to transport...
In recent years Saudi Arabia has committed to a series of wide-ranging reforms that aim to diversify the economy; foster a more open and connected society; and establish a transparent, efficient and accountable government under the country’s Vision 2030 strategic framework. With those objectives in mind, there have been numerous legislative developments related to real estate...
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