Saudi Arabia Construction Report 2024: Output to Grow by 4.6% in Real-terms, Supported by Investments in Housing and Energy, & the Government's Goal of Hosting the FIFA World Cup 2034 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Saudi Arabia Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (Q4 2024)" report has been added to ResearchAndMarkets.com's offering.

The construction industry in Saudi Arabia was estimated to grow by 4.6% in real terms in 2024, supported by investments in housing and, energy infrastructure projects, coupled with investments to improve infrastructure, in line with the government's goal of conducting the FIFA World Cup 2034.

Reflecting the continuous optimism in the construction industry, the total value of construction contracts awarded in the Kingdom surged by 47% YoY in the first half of 2024, to SAR185 billion ($49.3 billion), according to government data released in November 2024. Oil and gas, real estate, and water sectors accounted for most of the contracts awarded during that period.

The construction industry is expected to record an annual average growth rate of 5.2% from 2025 to 2028, supported by investments in the transport, electricity, housing, and tourism infrastructure projects and of course the $850 billion-plus giga projects program. Construction commenced on the SAR187.5 billion ($50 billion) Mukaab project in Saudi Arabia, in October 2024. This project, which is expected to become the largest building in the world, will feature two million square feet (ft2) of floor space dedicated to fine dining, retail, offices, and residential units.

Among others, the building will house 104,000 residential units and 9,000 hotel rooms. The project is expected to contribute more than SAR191.3 billion ($51 billion) to the non-oil GDP and create approximately 334,000 jobs. The project, which is expected to be completed by 2030, will create 900 construction jobs. In addition to the Mukaab project, other significant developments that will boost the industry's growth over the coming years include the Line project, the NEOM project, the Oxagon floating port city project, and a mountain tourism site called Trojena. As of late November 2024, Saudi Arabia was in talks to develop a massive data center at Oxagon, with an estimated investment of SAR48 billion ($12.8 billion).

Scope

• This report provides a comprehensive analysis of the construction industry in Saudi Arabia. It provides:
• Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Saudi Arabia, featuring details of key growth drivers.
• Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
• Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
• Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

• Identify and evaluate market opportunities using our standardized valuation and forecasting methodologies
• Assess market growth potential at a micro-level with over 600 time-series data forecasts
• Understand the latest industry and market trends
• Formulate and validate business strategies using the analyst's critical and actionable insight
• Assess business risks, including cost, regulatory and competitive pressures
• Evaluate competitive risk and success factors

Key Topics Covered:

1 Executive Summary

2 Construction Industry: At-a-Glance

3 Context

3.1 Economic Performance

3.2 Political Environment and Policy

3.3 Demographics

3.4 Risk Profile

4 Construction Outlook

4.1 All Construction

• Outlook
• Latest news and developments
• Construction Projects Momentum Index

4.2 Commercial Construction

• Outlook
• Project analytics
• Latest news and developments

4.3 Industrial Construction

• Outlook
• Project analytics
• Latest news and developments

4.4 Infrastructure Construction

• Outlook
• Project analytics
• Latest news and developments

4.5 Energy and Utilities Construction

• Outlook
• Project analytics
• Latest news and developments

4.6 Institutional Construction

• Outlook
• Project analytics
• Latest news and developments

4.7 Residential Construction

• Outlook
• Project analytics
• Latest news and developments

5 Key Industry Participants

5.1 Contractors

5.2 Consultants

6 Construction Market Data

7 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/t1qax9

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