Saudi Arabia’s Vision 2030 Construction Projects and Nvidia’s Market Value Decline
Since the launch of Vision 2030 eight years ago, Saudi Arabia has announced projects worth over $1.25 trillion. These initiatives span from residential properties in Riyadh to expansive mega-projects like Neom. The country's construction output value is forecasted to reach $181.5 billion by the end of 2028, a nearly 30% increase from 2023 levels, according to Knight Frank. This construction surge aligns with Crown Prince Mohammed bin Salman’s vision to diversify the economy away from oil dependence, attracting skilled workers and tourists. Knight Frank's Mohamed Nabil highlighted the historical transformation in Saudi Arabia marked by groundbreaking construction projects.
In a separate development, Nvidia has experienced a significant market value loss, dropping close to $550 billion after its shares fell by almost 7% on Monday. Last week, Nvidia had briefly become the world's most valuable company, overtaking Microsoft and Apple with a valuation exceeding $3.4 trillion. This decline has narrowed its market value to $2.9 trillion, causing it to fall behind both Microsoft and Apple. The dip in Nvidia's share price, which had surged by over 150% since the start of the year, raises concerns about a potential bubble driven by the artificial intelligence (AI) hype.