The Saudi Arabian construction market is expected to register a CAGR of more than 5% over the forecast period, 2022–2027.
Prior to the COVID-19 outbreak, the infrastructure and construction industry in Saudi Arabia was among the largest in the Gulf Cooperation Council (GCC) region, with more than USD 825 billion worth of planned and unawarded projects. The industry saw growth in the contracts awarded – from USD 11.2 billion in 2016 to USD 14.6 billion in 2018. The total value of construction contracts awarded in Saudi Arabia during the third quarter (Q3) of 2020 collapsed by 84% to figures for the same period in 2019 as the economic impact of the COVID-19 pandemic continued to spread.
The Saudi Arabian construction market is expected to witness significant growth and offer lucrative potential due to its Vision 2030, NTP 2020, and several ongoing reforms to diversify away from oil. The Vision 2030, NTP 2020, the private sector investment boost, and the ongoing reforms are expected to be the growth drivers for the Saudi construction market in 2022 and beyond.
Saudi Arabia’s Vision 2030, along with a significant investment in housing and infrastructure development promoted across the country by local authorities, is revitalizing the construction industry and generating interest in a growing number of international players.
The significance of construction in Saudi Arabia is underscored by its suite of Giga projects, transport and mobility schemes, such as Riyadh Metro, s
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The Saudi Arabian construction market is expected to register a CAGR of more than 5% over the forecast period, 2022–2027. Prior to the COVID-19
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Several projects, with a combined value of nearly $1 trillion, have been unveiled across Saudi Arabia since 2016, thanks to the government’s Vis
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