Saudi Arabia's Public Investment Fund (PIF) said its four giga-projects have made significant progress in 2022.
The updates on NEOM, ROSHN, Qiddiya, and Red Sea Global giga projects were shared by the sovereign wealth fund in its 2022 annual report.

Below are the updates:

NEOM

Total investment reached 25.5 billion Saudi riyals ($6.8 billion) in the giga project last year as it set up two new major tourism and leisure destinations - TROJENA and Sindalah.

TROJENA will be a new global destination for mountain tourism, while Sindalah will be the first luxury island destination in NEOM - an important project supporting the country's national tourism strategy.

NEOM launched a new re-greening initiative in collaboration with the National Centre for Vegetation Cover and Combating Desertification to rehabilitate at least 1.5 million hectares of land.

ENOWA, a new subsidiary company, was set up to develop sustainable energy and water systems. This will help provide the critical infrastructure for projects, including THE LINE, OXAGON, and TROJENA.

NEOM is also working with Japanese trading company ITOCHU and France's Veolia to develop a desalination plant powered by 100 percent renewable energy in OXAGON.

The masterplan for THE LINE city moved forward with the announcements of detailed designs.

ROSHN

ROSHN launched ALAROUS Community Jeddah last year. The new community will cover four million square metres and house over 18,000 new homes.

The developer launched sales for the first phase of the ALAROUS project and signed a new agreement with the Saudi Real Estate Company (Al Akaria) to develop new homes and villas.

In 2022, the company opened sales for SEDRA Phase 2 in Riyadh, bringing an additional 2,171 homes to the development.

Qiddiya

Throughout 2022, the company continued to advance plans to create a top-class entertainment, sports and arts centre.

Qiddiya awarded a SAR2.8 billion contract to develop the region's biggest waterpark and the first within the Kingdom.

Red Sea Global

In 2022, three new hotel management agreements were signed with global hotel brands to operate resorts in the first development phase of the Red Sea project. These hotels include Ritz Carlton Reserve, Miraval Hotels and Rosewood, bringing the total to 12 hotel brands.
The company awarded Steward Alf Global Healthcare Company the operations contract for a major new hospital.

RSG achieved a financial close on its SAR14.12 billion term loan facility and revolving credit facility with four Saudi banks.

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)