Saudi Arabia on track to become world’s biggest construction market
Since Vision 2030 was launched eight years ago, the kingdom has announced projects worth more than $1.25 trillion
A large number of construction cranes seen on the horizon near Riyadh, Saudi Arabia. (Photo: Getty Images)
Saudi Arabia is on track to become the world’s largest construction market as the kingdom pours billions of dollars into new urban hubs and tourism destinations underpinning its economic diversification strategy, according to Knight Frank.
Since Vision 2030 was laid out eight years ago, the country has announced projects worth more than $1.25 trillion spanning residential properties in the capital Riyadh to far-flung mega-projects like Neom, the real estate consultancy group found.
The total construction output value is forecast to reach $181.5 billion by the end of 2028, up almost 30% from 2023 levels, the London-based firm said in a report published Monday.
The construction boom is down to Crown Prince Mohammed bin Salman’s mandate to transition the oil-dependent economy to become a magnet for skilled workers and foreign tourists.
“We are currently witnessing a historical transformation unfolding in Saudi Arabia with construction projects standing out in their design scale and value,” said Mohamed Nabil, regional partner and head of project and development services for the Middle East and North Africa at Knight Frank.