Page 20 - CAREPOINT GLOBAL BUSINESS PLAN

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The Kingdom Tower in Jeddah: This will be the world’s tallest building at more than 1 kilometer high once

completed in 2019. The Kingdom Tower, which will be built on foundations 60 meters deep, is being developed
by Saudi billionaire Prince Alwaleed Bin Talal’s Kingdom Holding Company at an estimated cost of USD 1.23
billion.

Jeddah’s Waterfront Corniche: A unique tourist, residential and commercial destination which will become the
New Jeddah Downtown. The project aims to create a distinctive and attractive environment to support Jeddah’s
ambition of becoming one of the world’s top 100 cities. It will generate SAR 18 billion (USD 4.8 billion) of
investment over 10 years and create 36,000 new jobs. Construction is scheduled to begin in the first quarter of
2019, with the first phase expected to be completed in the fourth quarter of 2022.

Taif Development Projects: These projects are in the northeast of the old city of Taif, east of Jeddah, in an area
spanning 1,250 square kilometers. The development includes a new airport, tourism city Souq Okaz, technology,
industrial and university zones, and a residential area with 10,500 housing units. Estimated cost is SAR 11 billion

(USD 2.93 billion).

Al-Qiddiya Entertainment City: This project is located 40 kilometers from Riyadh. The first phase is under
construction and is expected to be completed by 2022. The PIF plans to fund initial investments into the project

and start partnerships with international companies. Total investment in the project is expected to be around
USD 30 billion.

Red Sea Beach Tourism Project: Saudi Arabia wants to turn hundreds of kilometers of the Red Sea coastline into

a global tourism destination as part of its plan to transform the economy and reduce its reliance on oil. The
project is expected to cover over 50 islands and 34,000 square kilometers between the cities of Umluj and Al
Wajh. Total investment in the project is expected to be about USD 60 billion.

Riyadh Metro: Saudi Arabia’s sprawling and congested capital is in a race against time to complete its SR 85
billion (USD 22.5 billion) metro system within four years. Construction, which began in 2017, has taken over the
city’s business core, to the frustration of drivers facing detours and lane closures. With 176 kilometers of line
and 80 stations, this is the biggest project of its type in the world.

Resources: Prepared by our U.S. Embassies abroad.

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