Saudi Arabia Construction Industry Market Size & Forecast Databook: Giga Projects will Continue to Aid Construction Market Growth in Q1 2024

DUBLIN, Jan. 15, 2024 /PRNewswire/ -- The "Saudi Arabia Construction Industry Databook Series - Market Size & Forecast by Value and Volume (area and units), Q2 2023 Update" report has been added to  ResearchAndMarkets.com's offering.

The construction industry in Saudi Arabia was expected to grow by 6.8% to reach SAR 220,857 million in 2023. The growth momentum is expected to continue over the forecast period, recording a CAGR of 5.6% during 2023-2027, with construction output expected to reach SAR 276,205.3 million by 2027.

The construction market in the Kingdom of Saudi Arabia is poised for accelerated growth over the next five years. Driven by increased infrastructure spending and commercial construction projects, the Saudi Arabian construction industry is projected to lead the growth of the regional market from the short to medium-term perspective in the Middle East.

Projects like the Neom and the Red Sea resorts will drive construction spending in the Kingdom over the next three to four years, thereby supporting the growth of the construction industry. As part of its 2030 ambitious plan, the Kingdom is also launching new airports as it seeks to transform itself into a global tourism destination. Overall, the publisher maintains a robust growth outlook for the Saudi Arabian construction industry over the next three to four years.

The housing construction sector is expected to experience strong growth in the Kingdom of Saudi Arabia

Over the next five years, the residential market is poised for an accelerated growth trajectory in the Kingdom. This growth will be driven by the strong pipeline of housing projects announced by the government in 2023.

The Kingdom, in September 2023, announced housing projects worth US$17.3 billion or SAR 65 billion. These projects were announced during the Cityscape Global exhibition. During the exhibition, Thakher Development Co. also revealed the ambitious Radisson Hotel & Residences project valuing more than SAR 200 million.

The National Housing Company initiated three residential projects in the outskirts of Al-Forsan and Khuzam, with the goal of improving the quality of life. These projects offer a total of 86,000 housing units, valued at over SAR 42 billion. The National Housing Company revealed plans for an extensive business venture in the Khuzam suburb, known as the Khuzam Business Center. Spanning across an area exceeding 500,000 square meters, this integrated project is set to redefine the business landscape in the region.

Going forward, the publisher expects more investment to enter into the housing construction market in the Kingdom, which will subsequently aid the growth of the broader industry from the short to medium-term perspective.

Giga projects will continue to aid construction market growth in Q1 2024 in the Kingdom

The construction industry in Saudi Arabia reported a growth of 4% during the second quarter of 2023, compared to the same period in 2022, according to a report from Jadwa Investments. Notably, the construction industry has been reporting a consistent growth trajectory over the last few quarters, as the Kingdom continues to push towards a diversified economy under its Vision 2030.

The trend is forecast to to continue in Q1 2024. The undertaking of new infrastructure projects, coupled with the ongoing construction activities of major projects like the Neom and Red Sea resorts, will support the market growth from the short to medium-term perspective. Going forward, the publisher also expects the Kingdom to roll out new investments towards the development of water treatment facilities, roads, and bridges to meet the needs of the rising population. These construction projects will also aid the market growth over the next five years.

This market intelligence report provides a detailed view of market opportunities in the building and infrastructure construction industry at country level. With over 100+ KPIs, covering growth dynamics in building construction, infrastructure construction, construction cost structure analysis and analysis by key cities in Saudi, this databook offering primarily provides data-centric analysis with charts and tables.

• Market Dynamics by Value, Volume, and No. of Units: Provides a comprehensive data-centric view of size and structure, industry dynamics, and end market opportunities in the building and infrastructure construction industry in Saudi.
• Residential Construction Outlook: Provides market analysis by type of construction, development stage, price point, and key cities. KPIs include value, volume and number of units.
• Commercial Construction Outlook: Provides construction outlook by value and volume across office buildings, retail buildings, hospitality buildings, restaurant buildings, and sports facilities.
• Institutional Construction Outlook: Provides construction outlook by value and volume across manufacturing plant buildings, metal & material processing buildings, chemical & pharmaceutical buildings.
• Industrial Construction Outlook: Provides construction outlook by value and volume across manufacturing plants, educational buildings.
• Infrastructure Construction Outlook: Provides growth dynamics and market analysis by three key sections such as marine and inland, utility system and transport infrastructure construction.
• City Level Analysis: Provides outlook of top 10 cities in Saudi by construction value.
• Construction Cost Structure Analysis: Provides outlook of different construction cost like material, labour, equipment, and others costs by construction value. At granular level, this module provides in detail material cost analysis by type of materials and labour cost by type of work by construction value.

Market Data and Insights:

This report provides market size and forecast across 40+ construction segments for a period of 10 years from 2018-2027 in Saudi Arabia.

KPIs covered include the following:

• Market size by value
• Market size by volume of construction
• Number of units
• Saudi Arabia Economic Indicators
• Saudi Arabia Top Cities Construction Data
• Saudi Arabia Residential Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
• Saudi Arabia Residential Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
• Saudi Arabia Commercial Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
• Saudi Arabia Commercial Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
• Saudi Arabia Industrial Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units)
• Saudi Arabia Institutional Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
• Saudi Arabia Institutional Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
• Saudi Arabia Infrastructure Construction Sectors: 10- year market size & forecast in value terms by
• Saudi Arabia Green Infrastructure Construction: 10- year market size & forecast in value terms
• Saudi Arabia Construction Cost Structure Analysis: 10- year market size & forecast in value terms

In-depth Understanding of Construction Cost:

This report provides in depth analysis of construction costs by type of cost. It also provides data points by different material costs involved and different labour cost. This report further provides information by type of construction and Cost by type of worker.

• Top Ten Cities Construction Value Data: Construction market size by key sectors at city level.
• Volume and Value Data: Get detailed understanding of the market both from value and volume (both by activity and units) perspective for historical as well as forecast period
• Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate your strategy; assess market specific key trends, drivers, and risks in construction industry.
• City Level Insights: Get city level trend analyses by tier-1, tier-2, and tier-3 cities.

For more information about this report visit https://www.researchandmarkets.com/r/1xzyk8

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