As Saudi Arabia intensifies its diversification strategies under Vision 2030, there has been a noticeable surge in the execution of large-scale, or “giga”, projects. These ambitious projects, primarily funded and managed by the Public Investment Fund (PIF), provide a significant opportunity for economic expansion, infrastructure growth, and job creation. In 2021, PIF embarked on the second phase of strategic development through the Vision Realisation Program for the 2021-2025 period.
Key projects such as NEOM, Red Sea Global, ROSHN, Diriyah Company, and Qiddiya are integral to the transformative Vision 2030 initiative. The main objective of these projects is to broaden the economic base and generate non-oil revenue surpassing $111.17 billion (SAR 417 billion) by 2023. In addition, other significant ventures like AlUla, New Murabba, and King Salman International Airport are expected to stimulate the growth of the infrastructure and construction sectors. They also promote domestic value creation and the incorporation of state-of-the-art technologies.