Saudi Arabia Emerging as a Hub of MENA Construction Space

Saudi Arabia emerges as a hotspot in the construction domain in the MENA region owing to its advancements in hospitality construction.                          

FREMONT, CA: The Saudi Arabian construction sector experienced an increased value of project appreciation, demonstrating its commitment to driving economic diversification and, thereby, transforming Saudi Arabia with an elevated vision of growth in the future. As a result, the construction output growth in the Kingdom of Saudi Arabia (KSA) is likely to surge by 3.2 per cent, accelerating the annual average growth rate (AAGR) on a steady note by four per cent. Following its elevated value of project awards since the pre-annual periods, the region significantly holds a crucial position as a robust market across the MENA (Middle East and North Africa), accounting for nearly 35 per cent of the market share value up to 31 billion USD in recent times.

The pre-execution projects in Saudi Arabia’s pipeline are valued at nearly 1.1 trillion USD and comprise projects from the study stage through the main contractor's bid. Hence, nearly 70 per cent of the construction sector's projects are residential, cultural, leisure, and hospitality-focused, which is anticipated to drive a promising vision in the future. That is, the KSA’s hospitality sector is likely to undergo steady growth in the upcoming years, opening up seamless opportunities.

The industry leaders in the Kingdom of Saudi Arabia, handling projects worth up to 400 billion USD, are making feasible contributions in the domain, due to which the sector is expected to be valued at nearly 569 billion USD in the future.