Market snapshot of Saudi gigaprojects 2024

23 November 2023
Contract activity has grown exponentially over the past two years

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Key points: 

> PROGRESS: Contracts worth $60.6bn have been awarded for Saudi Arabia’s gigaprojects from 2018 to date. The pace of spending is expected to continue to accelerate, although perhaps not at the rate some might have expected.

> TOP PROJECTS: Neom leads in terms of capex, and will continue to do so, but many other projects have yet to really begin. There are at least a dozen more gigaprojects still to be announced in the kingdom.

> BIGGEST AWARDS: Neom dominates the list of top contracts awarded to date. The largest award so far is Neom Green Hydrogen Company's $4bn contract for the green fuels renewable energy project at Neom City.

> TOP CONTRACTORS: The list of largest contractors has a heavy local presence. The top three gigaprojects contractors by value of work under construction are: Nesma & Partners (local, $4.8bn); Larsen & Toubro (India, $4.7bn); Alfanar Projects (local, $3.6bn).

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