Saudi Construction Sector to Reach US$ 181.5B by 2028

Saudi Arabia: Saudi Arabia's construction output is forecasted to reach USD 181.5 billion by 2028, marking a 28% increase over five years, according to Property Consultancy Knight Frank. The sector's output value was USD 141.5 billion in 2023, driven by residential, institutional, infrastructure, industrial, energy, utilities, and commercial projects.

This growth is bolstered by Saudi Arabia’s significant investment in giga-projects, such as the USD 500 billion megacity NEOM. Moreover, there are more projects which aim to deliver over 660,000 residential units, 320,000 hotel rooms, 5.3 million sq. m. of retail space, and 6.1 million sq. m. of office space by 2030.

Source: Arab News