The Lumina Cross-Border Insights 2024 report forecasts NEOM, the centerpiece of Saudi Arabia’s Vision 2030, to stimulate foreign direct investment (FDI) and UK-Middle East investments. NEOM’s $500 billion investment, including its inaugural destination Sindalah opening soon, positions Saudi Arabia as a leader in diverse megaprojects like Diriyah, Jeddah Central, and Roshn, driving its economic diversification strategy forward.
Dubai’s Palm Jebel Ali, Creek Harbour Tower, and the upcoming Metro Blue Line further boost FDI in 2024, reflecting the resilience of the UAE property market. Saudi Arabia’s infrastructure development, highlighted by the expansion of King Salman International Airport and the ambitious Aviation Strategy 2030, underlines the region’s commitment to economic growth beyond oil.
Renewable energy initiatives gain momentum, with projects like the Mohammed bin Rashid Al Maktoum Solar Park and Saudi Arabia’s Shuaibah 2 Solar Facility attracting investments. Amidst these developments, the UK actively engages in Middle Eastern projects across various sectors, offering opportunities for collaboration and innovation as regional economies evolve.