Saudi Arabia Infrastructure Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


Saudi Arabia Infrastructure Market Analysis:

The market size of the Saudi Arabia Infrastructure Sector is projected to grow from USD 34.46 billion in 2023 to USD 42.89 billion by 2028, with a compound annual growth rate (CAGR) of 4.48% during the forecast period of 2023–2028. This growth is driven by the Saudi Arabian government’s ambitious plan to diversify its economy and position the country as a global investment and logistics hub, moving away from its heavy reliance on oil. The government has announced a trillion-dollar pipeline of infrastructure projects, creating opportunities in various sectors such as smart cities, tourism, and clean energy.

One of the notable projects is the Qiddiya project, located 45 km west of Riyadh. It is being developed as a city dedicated to entertainment, sports, and arts. The first phase of this project is expected to be completed by 2022, with initial infrastructure costs amounting to USD 8 billion. However, additional investments are required to achieve the project’s goal of attracting 17 million visitors annually by 2035. Another significant project is Amala, a luxury wellness tourism project with a budget of USD 3 billion. It is planned for construction near NEOM and The Red Sea Project in the north-west region and is set to open its first phase in 2020.

To revitalize older economic cities projects like King Abdullah Economic City, the Economic Cities Authority has been established to reignite investor interest. Additionally, there are projects aimed at addressing specific social challenges. For instance, the housing ministry has launched the Sakani program to tackle the shortage of affordable housing, providing housing options for thousands of Saudis. Furthermore, the High Commission for the Development of Arriyadh (ADA) has signed the world’s largest civil-engineering contract for a six-line metro valued at USD 22.5 billion to alleviate congestion in urban areas and combat climate change. The Ministry of Energy, Industry, and Mineral Resources (MEIM) also has plans to deploy 9.5 GW of renewable energy by 2023. These initiatives demonstrate Saudi Arabia’s commitment to sustainable development and economic diversification.

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