Dublin, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia construction industry remained strong in 2023, with growth of 4.5% in real terms projected, supported by improving economic conditions, and public and private sector investment in the construction of major development projects in the transportation, energy, and housing sectors, coupled with an improvement in tourism activity.
The latest figures from the General Authority of Statistics (GaStat) show that the Saudi Arabian construction industry's value add grew by 4% year on year (YoY) in Q2 2023, preceded by Y-o-Y growth rates of 5.5% in Q1 2023 and 4.8% in Q4 2022. Additionally, the total gross fixed capital formation (GFCF) grew by 2.4% YoY in Q2 2023, preceded by Y-o-Y growth of 17.6% in Q1 2023 and 20.6% in Q4 2022.
Over the remainder of the forecast period, between 2024 and 2027, the Saudi Arabian construction industry is projected to register an annual average growth rate of 5% in real terms, supported by investments and megaprojects under the framework of Saudi Vision 2030, notably the NEOM project with a total value of SAR1.9 trillion ($500 billion). The NEOM development is in the north-western region of Saudi Arabia and encompasses the creation of smart towns and cities, ports and enterprise areas, research centres, sports and entertainment venues, and tourist attractions. This expansive development will cover an extensive area of 26,500km2 and will be divided into various zones, including industrial and logistics areas.
Other sectors driving growth including data centers, logistics zones, renewable energy, housing, and tourism projects as part of the Kingdom's 'Vision 2030' economic diversification plan. In August 2023, Saudi Entertainment Ventures (SEVEN), a subsidiary of the Public Investment Fund, unveiled plans to construct a new entertainment destination in Almadinah with an expected investment of SAR1.3 billion ($346 million). The project will be developed on an area of 100,000m2, with a total built-up area of 84,000m2. This project aligns with the government's goal of attracting at least 100 million tourists annually by 2030. Moreover, an agreement was signed between the Southern Province Cement Company, based in Saudi Arabia and Sinoma International Engineering Company in May 2023 to construct a new production line with a total capacity of 5,000 tons per day.
The report provides detailed market analysis, information, and insights into Saudi Arabia's construction industry, including:
- Saudi Arabia's construction industry's growth prospects by market, project type, and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Saudi Arabia's construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in Saudi Arabia. It provides:
- Historical (2018-2022) and forecast (2023-2027) 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
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
For more information about this report visit https://www.researchandmarkets.com/r/mbu4et
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
