Saudi Arabia will be the world’s largest construction market, according to a report by property consultancy Knight Frank and covered in the business press.
It said industry output reached $141bn in the first half of this year, an increase of 43% on 2023, and is on course to reach more than $181bn by the end of 2028.
“We are witnessing an historical transformation unfolding in Saudi Arabia, with construction projects standing out in their design scale and value,” said Mohamed Nabil, a regional partner with Knight Frank.
“Given the scale of the development pipeline, the government is hoping to attract more than $3 trillion in investments by 2030.”
The Riyadh metropolitan area accounts for nearly 40% of the value of existing contracts in Saudi Arabia.
This is followed by the provinces of Mecca and Tabuk in the north of the country, which both have contracts worth $29bn.
The residential sector is getting the most investment.
That amounted to $43bn last year, and is expected to reach $57bn by 2028.
The energy and utilities sector received $35bn and is forecast to increase to more than $46bn by 2028.
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