The volume of private foreign investments in the Saudi real estate market will reach $1.22 billion in 2025, according to a report by Knight Frank, an international consulting company.
The most in demand among foreigners will be the "NEOM" gigaproject, in which the country has invested hundreds of billions of dollars through the State Investment Fund (PIF).
NEOM is a project for the development of an area almost the size of Belgium. Urban and industrial facilities will be built along the Red Sea coast. The new city will have to accommodate about nine million people.
NEOM is the main point of the kingdom's economic diversification plan Vision 2030. The goal of the program is to create new sources of growth besides oil.
Source: Alarabia News
