The Lumina Cross-Border Insights 2024 report highlights significant investment opportunities in Dubai and Saudi Arabia, particularly focusing on NEOM, Palm Jebel Ali, Creek Harbour Tower, and the Dubai Metro Blue Line.

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NEOM, an integral part of Saudi Arabia’s Vision 2030 plan, is poised to attract substantial foreign direct investment (FDI) and UK to Middle East investment in 2024. With an estimated cost of $500 billion, NEOM’s first phase, Sindalah, is set to open this year, marking the beginning of its ambitious journey.

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In addition to NEOM, Saudi Arabia’s diversification strategy includes several megaprojects such as Diriyah, Jeddah Central, and Roshn, which have the potential to reshape the country’s economic landscape.

Meanwhile, in Dubai, the revival of historic megaprojects like Palm Jebel Ali and the commencement of work on the Creek Harbour Tower underscore the resilience and dynamism of the UAE property market. Palm Jebel Ali, envisioned to be twice the size of Palm Jumeirah, promises a blend of hotels, beaches, homes, and entertainment venues, while the Creek Harbour Tower is set to commence construction in the latter half of 2024.

Infrastructure development remains a top priority in the Middle East, with projects like the King Salman International Airport in Riyadh aiming to boost Saudi Arabia’s non-oil GDP by $7 billion annually. Dubai’s announcement of the 2023 Metro Blue Line further enhances the region’s infrastructure, with the $5 billion project expected to accommodate 200,000 passengers daily by 2030.

Moreover, the Middle East’s pursuit of renewable energy is gaining momentum, with projects like the Mohammed bin Rashid Al Maktoum Solar Park and the Shuaibah 2 Solar Facility leading the way. These initiatives, backed by significant investments, aim to diversify the region’s energy sources and promote sustainability.

The UK is closely monitoring and investing in these ambitious projects across various sectors, from technology to infrastructure and renewable energy. As the economies of the Middle East continue to diversify and innovate, there are abundant opportunities for productive collaboration between the UK and the region.

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