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Saudi Arabia Construction Market Report 2024-2032

Saudi Arabia Construction Market Report 2024-2032

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Saudi Arabia Construction Market Report 2024-2032
Saudi Arabia Construction Market Report...
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The Saudi Arabia construction market size was US$ 85.6 billion in 2023. The market is estimated to reach a valuation of US$ 160.0 billion by 2031, growing at a compound annual growth rate (CAGR) of 7.2% during the forecast period from 2024 to 2032.

The Saudi Arabia construction market is undergoing a significant transformation, driven by ambitious national initiatives and a dedication to economic diversification. As the Kingdom shifts its focus from oil to sectors such as tourism, entertainment, technology, and renewable energy, the demand for infrastructure to support these industries is on the rise, leading to an increase in market growth revenue. With an impressive 255 construction projects valued at a staggering US$ 1.7 trillion, Saudi Arabia's construction industry serves as a powerful driver of the nation's economic expansion.

Market Driving Factors  

The Saudi Arabia construction market is set for strong growth, driven by strategic initiatives aligned with Vision 2030, the nation's long-term development plan. Vision 2030 places a significant emphasis on infrastructure development, urban planning, and the establishment of new economic sectors. The plan envisions the construction of mega-projects, smart cities, and modern infrastructure to propel Saudi Arabia into a globally competitive and technologically advanced nation.

A significant challenge confronting the Saudi Arabia Construction Market is the shortage of skilled labor and the imperative need for comprehensive workforce development. Despite substantial investments in mega-projects and infrastructure development, the industry grapples with a scarcity of qualified professionals and skilled workers, impacting project execution and timelines.

One of the defining trends in the Saudi Arabia construction market is the proliferation of mega-projects that are reshaping the nation's landscape. These transformative initiatives, frequently aligned with the Vision 2030 agenda, signify a strategic endeavor to diversify the economy and position Saudi Arabia as a global economic and technological hub.

The Saudi Arabia construction market is currently undergoing a noteworthy digital transformation, with the adoption of cutting-edge technologies such as Building Information Modeling (BIM) at its core. BIM is revolutionizing the planning, design, and execution of construction projects, resulting in heightened efficiency, decreased costs, and enhanced collaboration among stakeholders.

Regional Insights

In 2023, Riyadh emerged as the dominant force in the Saudi Arabia construction market. As the largest city in Saudi Arabia and a pivotal player in the region, Riyadh has been at the epicenter of ambitious development projects and urbanization initiatives, serving as a primary catalyst for the construction sector's growth.

A major contributing factor to Riyadh's preeminence is its role as the political and administrative hub of the country. The Saudi government's unwavering commitment to infrastructure development is prominently showcased in Riyadh through initiatives such as Vision 2030.

Moreover, Riyadh's economic significance further cements its dominance in the construction market. The city encompasses a substantial portion of the nation's economic activities, housing prominent businesses, financial institutions, and commercial enterprises.

Key Companies Profiled in Saudi Arabia Construction Market

• Kabbani Construction Group
• Almabani General Contractors
• AlKifah Contracting Company
• Nesma & Partners Contracting Company Ltd.
• AL-AYUNI Company
• Construction & Planning Co. Ltd.
• Contracting & Construction Enterprises Ltd.
• Binladen Group Global Holding Company
• Al-Rashid Trading & Contracting Co.
• Umm Al Qura for Development & Construction Company
• Other Prominent Players

Segmentation Outline

The Saudi Arabia construction market segmentation focuses on Application, End-User, and Country.

By Application
• Commercial
• Corporate Offices
• Hospitality
• Healthcare & Medical Facilities
• Educational Institutions
• Others
• Industrial
• Oil & Gas
• Chemical & Petrochemical
• Food & Beverage
• Pharmaceutical
• Others
• Infrastructure
• Government Buildings
• Cultural and Entertainment Venues
• Transportation Hubs
• Others
• Residential
• Apartments
• Villas
• Traditional Houses
• Others

By End-User
• Private
• Public

By Country
• Riyadh
• Makkah
• Madinah
• Dammam
• Jeddah
• Tabuk
• Eastern Province


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