Saudi Arabia is set to become the world’s largest construction market, according to a recent Knight Frank report covered by the business press. The report reveals that the industry’s output reached $141 billion in the first half of this year, marking a 43% increase compared to 2023, and is projected to exceed $181 billion by the end of 2028.
Since the launch of Vision 2030 eight years ago, which aims to diversify the Kingdom’s economy, Saudi Arabia has initiated over $1.25 trillion in projects. This ambitious blueprint is transforming the country’s economic and infrastructural landscape.
Mohamed Nabil, a regional partner at Knight Frank, highlighted the unprecedented scale and value of these projects. “We are witnessing a historical transformation in Saudi Arabia, with construction projects setting new benchmarks in design and scale,” he said. “The government aims to attract over $3 trillion in investments by 2030.”
The Riyadh metropolitan area represents nearly 40% of the value of existing construction contracts in Saudi Arabia. The Mecca and Tabuk provinces follow, each holding contracts worth $29 billion.
The residential sector is leading in terms of investment, with $43 billion allocated last year and expectations to rise to $57 billion by 2028. The energy and utilities sector, which received $35 billion, is forecasted to grow to over $46 billion by 2028.
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