Despite the headwinds caused by the pandemic, Saudi Arabia’s mega projects are moving along steadily.
In 2019, all eyes were on Saudi Arabia’s mega-development plans, outlined alongside unprecedented reforms in its Vision 2030.
Backed mainly by the Public Investment Fund (PIF), Saudi’s bid to become a beacon for ground-breaking leisure, tourism, and infrastructure projects in the Middle East inspired regional and foreign investors to be part of the Kingdom’s new reality. Since then, Covid-related budget cuts have been imposed, but we’re still seeing plenty of positive indications that these giga-projects are moving ahead and making waves.
With the lifting of travel and movement restrictions, we can expect Saudi to push forward and play a critical role in the region’s recovery, especially for flagging sectors such as construction and engineering.
Several projects have the potential to go into overdrive to claw back lost time, resulting in unprecedented activity compared to previous years’ results.