Saudi Arabia will be the world’s largest construction market, according to a report by property consultancy Knight Frank and covered in the business press.
It said industry output reached $141bn in the first half of this year, an increase of 43% on 2023, and is on course to reach more than $181bn by the end of 2028.
The Kingdom has launched more than $1.25 trillion worth of projects since Vision 2030, its blueprint for a diversified economy, was launched eight years ago.
“We are witnessing an historical transformation unfolding in Saudi Arabia, with construction projects standing out in their design scale and value,” said Mohamed Nabil, a regional partner with Knight Frank.
“Given the scale of the development pipeline, the government is hoping to attract more than $3 trillion in investments by 2030.”
The Riyadh metropolitan area accounts for nearly 40% of the value of existing contracts in Saudi Arabia.
This is followed by the provinces of Mecca and Tabuk in the north of the country, which both have contracts worth $29bn.
The residential sector is getting the most investment.
That amounted to $43bn last year, and is expected to reach $57bn by 2028.
The energy and utilities sector received $35bn and is forecast to increase to more than $46bn by 2028.
Source: www.globalconstructionreview.com
