Monday, November 11, 2024
Monday, November 11, 2024
Home News and Updates Saudi Arabia set to be ‘world’s largest construction market’ by 2028

Saudi Arabia set to be ‘world’s largest construction market’ by 2028

by gulf-admin
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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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