Saudi Construction Sector Forecast to Reach USD 96 Billion by 2030

Saudi Arabia: Saudi Arabia’s construction sector is projected to grow at an average annual rate of 5.3 percent, reaching approximately USD 96 Billion by 2030, according to Fahd Hamadi, the former head of the country’s contractors authority. The sector, currently the largest in the Arab region, is experiencing growth driven by increased activity in infrastructure and related projects.

He told the Saudi daily Aleqtisadia on Sunday that the construction sector is projected to swell to around $74 billion this year from nearly $70 billion in 2024.

The construction sector is expected to continue growing in the next years to reach around $91 billion in 2029 and more than $96 billion in 2030, Hamadi said.

“The construction sector in the Kingdom is currently witnessing unprecedented growth with the tendering of major projects and the deployment of new technology…the market here has become a destination for many global companies which are giving a strong push to the construction industry,” he said.

Source: Zawya