While headlines have focused on delays and downsizing across some of Saudi Arabia’s Vision 2030 gigaprojects, new data shows the kingdom is still awarding contracts for them.
According to real estate consultancy Knight Frank, contracts awarded since 2016 — the year the diversification program was launched — have reached $196 billion, up 20% since the beginning of the year. Still, overall contract awards across all projects in the kingdom have declined sharply in 2025 and are on track to hit their lowest level since 2020, according to analysis by a major Saudi bank.
The value of new construction contracts across the Gulf fell to the lowest in three years during the first quarter. The kingdom’s construction market is the largest in the region and set to become the biggest in the world by 2028, with projects in Riyadh and those connected to global events taking priority. Diriyah Gate, a $63-billion real estate project in Riyadh, has seen $3.7 billion worth of contracts awarded in the first eight months of 2025 and $17.5 billion has been earmarked for new stadiums ahead of the 2034 men’s soccer World Cup.