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The UAE and Saudi Arabia aim to diversify from oil by investing in alternative
revenue sources to strengthen Gulf economies. Since 2020, the GCC has launched
nearly 30 real estate mega-projects worth about $1 trillion. These projects,
centered on innovation and sustainability, seek to lessen the region’s reliance
on fossil fuels. However, “mega” doesn’t solely refer to property investments;
it’s any high-cost initiative with significant economic impact. Here are five
top mega-initiatives in the UAE and Saudi Arabia now.

1. NEOM – Saudi Arabia

Saudi Arabia’s NEOM, central to Vision 2030, is a $500 billion mega-city
spanning 450 km along the Red Sea, 33 times larger than New York. This “living
lab” emphasizes sustainable living through 100% renewable energy and advanced
tech. More than a smart city, NEOM blends innovative business with eco-conscious
living. A standout feature, “The Line”, is a car-free zone prioritizing people
over infrastructure, covering 34 square kilometers, housing 9 million, and
creating 380,000 jobs. Set for 2025 completion, NEOM targets 14 sectors with
potential yearly revenues of $100 billion and aims to contribute $48 billion to
the GDP by 2030.

2. Emirates Crop One – UAE

Emirates Crop One, set to be the world’s largest vertical farm, is a $40 billion
sustainability project between Ag-Tech startup Crop One Holdings and Emirates
Flight Catering. Due to limited arable land and water scarcity, the UAE imports
nearly 90% of its food. This Dubai-based, 330,000-square-foot facility aims to
address this by producing over 900,000 kilos of produce annually, using 95% less
water with its AI-driven recycling system. Initially supplying for Emirates and
UAE stores under the Bustanica brand, the project, aligning with the UAE’s food
and water security strategies, seeks global expansion to revolutionize global
food production.

3. Store of the Future – UAE

Despite the e-commerce surge post-COVID-19, Mall of the Emirates in Dubai
partnered with Cisco to reinvent in-store shopping. The Store of the Future
offers a tech-augmented shopping experience appealing to tech-savvy individuals.
With VR, AI, magic mirrors, and advanced sensors, shoppers enjoy personalized,
immersive interactions. Products reveal details onscreen, and ‘beauty mirrors’
allow no-contact makeup trials. Cloud tech provides retailers with insights into
customer behavior and demographics. Designed for the post-pandemic era, this
store showcases how technology bridges the physical and digital for a safe,
engaging shopping journey.

4. Etihad Rail – UAE

Etihad Rail, set to connect the UAE’s seven emirates with neighboring GCC
countries, was initiated in 2009 and targets completion by 2024. This 1,000 km
rail network aims to serve 36 million passengers and transport 60 million tonnes
of freight yearly by 2030. Rising environmental concerns and the pandemic have
amplified interest in sustainable rail travel over flying. Etihad Rail is
projected to boost the UAE’s economy by approximately $54 billion in the next
half-century, with $12 billion from enhanced tourism and business connectivity.

5. Mega-sporting initiatives – Saudi Arabia

Saudi Arabia is tapping into the global sports scene to diversify its economy
and enhance tourism. The monumental signing of soccer icon Cristiano Ronaldo to
Al Nassr FC for an estimated $200 million annually positions him as the world’s
top-earning player. This, along with Qatar’s hosting of the 2022 FIFA World Cup
and events like the Formula One Abu Dhabi Grand Prix and WWE’s 2023 debut in
Saudi, is set to boost Middle Eastern sports tourism by 30%, potentially
generating $600 billion in revenue.

Next generation mega-projects

As technologies advance and environmental concerns increase, the potential for
innovative, large-scale profitable projects will also grow. In the
not-so-distant future, we could be seeing mega-projects such as:

 * Floating farms, resorts, and even floating countries
 * Space resorts, space elevators, and space-based power stations
 * Weather command centres that can control extreme weather conditions
 * Mega bridges that connect countries such as North America with Asia, Europe
   with North Africa, and Egypt with Saudi Arabia

 

Last but not least, the need for countries to diversify their economies,
offering a more sustainable, connected, smarter way of life for residents and
visitors will be the main drivers of innovation and investment in the future.
It’s vital, therefore, that mega projects play a central part in protecting and
improving the planet for future generations.