Saudi Arabia is close to achieving one of the goals of Vision 2030, HSBC says

The value of new projects announced in the GCC region has increased by almost 200% over the past year, a report based on data from the United Nations Conference on Trade and Development (UNCTAD) showed.

HSBC Bank said in its study that Saudi Arabia is more specifically in control of projects under implementation worth 1.7 trillion US dollars, based on data from “MEED” and the bank’s own analysis.

There are also investment plans worth an additional $1.1 trillion at the pre-implementation stage under a capital expenditure program of $2.8 trillion for almost 7 thousand projects.

By mid-2023, about a fifth of the projects ($220 billion) were in the main offer stage or the evaluation stage, which indicates that further strong gains are possible in actual expenditures.

Saudi projects under implementation or planned represent about 56% of the total projects in the region. It also dominates the “megaprojects” market, where projects worth about 850 billion dollars (75% of GDP) have been announced.