Master developments on the rise in Saudi Arabia

Saudi Arabia is witnessing increase in master development launches as the Kingdom ramps up infrastructure spending in line with Vision 2030 plan, according to management consultancy firm Faithful+Gould.

“We are seeing more master developments launched to provide integrated and dynamic lifestyle destinations with commercial, residential, retail, leisure and entertainment offerings that cater to the growing population’s needs and support the tourism sector,”  Spencer Wylie, country director – Saudi Arabia, management consultancy firm Faithful+Gould, told Argaam in an exclusive interview.

While the Kingdom has already announced a number of megaprojects such as NEOM, AlUla, Red Sea and Qiddiya, Saudi King Salman launched last month four wellbeing projects, worth SAR 86 billion ($23 billion), in Riyadh.

Read: Here’s everything you wanted to know about Saudi Arabia's 'wellbeing' mega projects

In a recent report, consultancy firm Strategy& estimates Saudi Arabia will spend $1.1 trillion on infrastructure projects from 2019-2038.

Faithful+Gould, and Atkins, its parent company and a member of Canada’s SNC-Lavalin Group, focus on all aspects of infrastructure development, from feasibility and masterplanning of new districts, to water supply infrastructure, to new leisure developments, essentially design engineering and project management across, leisure, hospitality, transport, highways and residential. 

"We are helping bring cutting edge ideas to life in the Kingdom; from large infrastructure projects such as the Riyadh Metro, to large scale mixed-use and lifestyle cultural destinations," Wylie noted.

Growing opportunities

In March this year, Atkins opened a new office in Riyadh to support its business growth in the Kingdom.

"Vision 2030 is an extraordinary program, and we believe it’s about creating the right developments for current and future populations. The recent new office inauguration in Riyadh is yet another testament to our continuous commitment to support the economic growth in the Kingdom through our global expertise delivered locally," Rick Hancock, country director - design & engineering - Saudi Arabia, Atkins, told Argaam.

The engineering and consultancy firm has been part of some of the Kingdom’s major projects such as Riyadh Metro.

Last year, it was awarded procurement advisory services from state-owned National Water Company (NWC) as part of a consortium, led by financial consultant Mizuho Bank, to provide water distribution services in the Kingdom. 

"We continue to evaluate new project opportunities that support our business expansion plans in the Kingdom," Hancock said.

Write to Parag Deulgaonkar at parag.d@argaamplus.com