SAUDI ARABIA CONSTRUCTION MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 Construction market analysis in Saudi Arabia

The Saudi Arabian construction market is currently worth USD 140.2 billion, and it is projected to grow at a CAGR of more than 5% over the coming years.

With more than USD 825 billion in planned and unawarded projects, Saudi Arabia had one of the largest infrastructure and construction sectors in the Gulf Cooperation Council (GCC) prior to the COVID-19 outbreak. Contracts issued to the sector increased, rising from USD 11.2 billion in 2016 to USD 14.6 billion in 2018. 

As the COVID-19 pandemic's economic impact grew, the overall value of building contracts awarded in Saudi Arabia during the third quarter (Q3) of 2020 fell by 84% compared to numbers for the same period in 2019.

The recovery in the global economy, the loosening of COVID-19 rules, and an increase in oil prices all helped the sector produce more goods and services in 2021. During the forecast period, it is expected that the government's attempts to develop transport and energy infrastructure and its emphasis on diversifying the economy away from oil will sustain the industry's 5% annual average growth.

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