With about $920bn of construction and transport projects planned and about $58bn of construction contracts being tendered, Saudi Arabia is by far the Middle East’s biggest construction market, accounting for 54 percent of all construction and transport projects planned in the region.
Driven by Riyadh’s Vision 2030 national development agenda for the diversification and privatization of the giant Saudi economy, which includes a raft of vast megaprojects such as the $500bn Neom future cities, Qiddiya entertainment city, and the Red Sea Project, the kingdom offers the region’s biggest pipeline of future construction opportunities.
Yet, even with such enormous potential, the Saudi construction market is facing many challenges as a result of the impact of the Covid-19. The kingdom’s construction industry has been severely hit by the impact of the pandemic with the pace of construction contract awards falling sharply in 2020 and 2021. According to GlobalData, Saudi Arabia’s construction output contracted -1.9 percent in 2020.
Source: Saudi Arabia Construction 2021
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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