Saudi Arabia's Infrastructure Market Set for Unprecedented Growth with Vision 2030

RIYADH, Saudi Arabia - June 26, 2024 - PRLog -- Saudi Arabia is on a transformative journey, with its infrastructure market poised for extraordinary growth driven by the ambitious Vision 2030 initiative. This strategic roadmap aims to diversify the Kingdom's economy and elevate the quality of life for its citizens, establishing Saudi Arabia as a global investment hub. The infrastructure sector's contribution to GDP is expected to surge from 5.3% in 2020 to 10% by 2030, accompanied by a significant boost in tourism, targeting 45 million domestic and 55 million international visitors by the decade's end.

Mega Infrastructure Projects Reshaping Saudi Arabia's Economic Landscape

Under Vision 2030, Saudi Arabia is undertaking numerous mega infrastructure projects that are reshaping the nation's economic and physical landscape. In 2022, the volume of goods managed at Saudi ports surpassed 359 million tons, with liquid bulk commodities comprising 49.36% of this volume and containers accounting for 31.94%. Additionally, King Abdulaziz International Airport in Jeddah handled over 470,000 metric tons of air freight, underscoring the rapid expansion and modernization of the Kingdom's logistics capabilities.

National Transport and Logistics Strategy: Transforming Saudi Arabia into a Global Hub

Central to Vision 2030 is the National Transport and Logistics Strategy, designed to transform Saudi Arabia into a leading global logistics hub. This strategy includes a comprehensive upgrade and expansion of critical infrastructure, focusing on innovation, efficiency, and sustainable growth. The Kingdom aims to increase container handling capacity to 40 million units and triple annual passenger traffic to 330 million by 2030, elevating its Logistics Performance Index ranking from 49 to 10.

Reimagining Urban Landscapes: Enhancing Quality of Life

Vision 2030 also extends to reimagining urban landscapes and enhancing the quality of life for Saudi citizens. Notable projects include the transformation of Diriyah, expected to attract 27 million visitors annually, and King Salman Park in Riyadh, set to become the world's largest urban oasis. The Red Sea Project, spanning 30,000 square kilometers, aims to offer an unparalleled blend of luxury, nature, and heritage, embodying sustainability principles central to Vision 2030.

Strategic Global Partnerships Driving Saudi Arabia's Infrastructure Evolution

Saudi Arabia's infrastructure evolution is further propelled by strategic global partnerships. Collaborations with international giants such as Korea and Sinopec highlight the Kingdom's dedication to comprehensive infrastructure development, fostering public-private partnerships that drive innovation and growth.

For detailed insights, access the "Saudi Arabia Vision 2030 Infrastructure Market Report - Transport, Energy, Residential and Commercial Projects (https://www.makreo.com/report/saudi-arabia-vision-2030-in...)"
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