Saudi Arabia Leads Construction Market
ECONOMY & POLICY

Saudi Arabia Leads Construction Market

Saudi Arabia is set to become the world's largest construction market by 2028, driven by Vision 2030 and significant investment inflows. The kingdom's construction output is projected to reach $181.5 billion, a substantial 30% increase from 2023. This growth is largely attributed to the ambitious Vision 2030 initiative led by Crown Prince Mohammed bin Salman. Vision 2030 aims to diversify the Saudi economy, reducing its reliance on oil revenues and transforming it into a global investment powerhouse. The plan includes over $1.25 trillion worth of projects, focusing on infrastructure, tourism, and entertainment sectors.

A significant portion of these investments is directed towards developing new residential properties and large-scale infrastructure projects, known as "giga projects." These include the futuristic city of NEOM, the Red Sea Project, Qiddiya, and the Amaala luxury tourism destination. NEOM alone is a $500 billion project envisioned as a high-tech urban area featuring smart city technologies, renewable energy sources, and advanced robotics.

Riyadh, the capital city, is also undergoing a massive transformation in preparation for the 2030 World Expo, which the city is bidding to host. This includes extensive infrastructure developments such as new transportation networks, residential complexes, and commercial hubs. The city is also positioning itself as a contender to host the 2034 World Cup, further accelerating the pace of construction activities.

The Saudi government is focusing on public-private partnerships to fund and execute these projects, attracting foreign direct investment and expertise. This strategic move is expected to create numerous job opportunities and stimulate economic growth, making Saudi Arabia a leading hub for construction and development.

In conclusion, Saudi Arabia's ambitious Vision 2030, coupled with substantial financial inflows and strategic investments, is positioning the kingdom as the world's largest construction market by 2028. This transformation is set to reshape the country's economic landscape, attracting global attention and investment.

Saudi Arabia is set to become the world's largest construction market by 2028, driven by Vision 2030 and significant investment inflows. The kingdom's construction output is projected to reach $181.5 billion, a substantial 30% increase from 2023. This growth is largely attributed to the ambitious Vision 2030 initiative led by Crown Prince Mohammed bin Salman. Vision 2030 aims to diversify the Saudi economy, reducing its reliance on oil revenues and transforming it into a global investment powerhouse. The plan includes over $1.25 trillion worth of projects, focusing on infrastructure, tourism, and entertainment sectors. A significant portion of these investments is directed towards developing new residential properties and large-scale infrastructure projects, known as giga projects. These include the futuristic city of NEOM, the Red Sea Project, Qiddiya, and the Amaala luxury tourism destination. NEOM alone is a $500 billion project envisioned as a high-tech urban area featuring smart city technologies, renewable energy sources, and advanced robotics. Riyadh, the capital city, is also undergoing a massive transformation in preparation for the 2030 World Expo, which the city is bidding to host. This includes extensive infrastructure developments such as new transportation networks, residential complexes, and commercial hubs. The city is also positioning itself as a contender to host the 2034 World Cup, further accelerating the pace of construction activities. The Saudi government is focusing on public-private partnerships to fund and execute these projects, attracting foreign direct investment and expertise. This strategic move is expected to create numerous job opportunities and stimulate economic growth, making Saudi Arabia a leading hub for construction and development. In conclusion, Saudi Arabia's ambitious Vision 2030, coupled with substantial financial inflows and strategic investments, is positioning the kingdom as the world's largest construction market by 2028. This transformation is set to reshape the country's economic landscape, attracting global attention and investment.

Next Story
Infrastructure Transport

NHAI to Build 6-Lane Agra-Gwalior Expressway on BOT (Toll) Mode

To enhance connectivity between the tourism hubs of Agra and Gwalior, National Highways Authority of India (NHAI) will develop 88 km long 6-lane access controlled Agra-Gwalior Greenfield Expressway (NH-719D). NHAI, today signed a concession agreement for the implementation of project with GR Infraprojects, in presence of NHAI Chairman, Santosh Kumar Yadav and senior officials of NHAI and the Concessionaire. The Agra-Gwalior Greenfield Expressway will start from Deori village in Agra and terminate at Susera village in Gwalior. The project shall be developed at a Total Capital Cost of Rs 46.13 b..

Next Story
Infrastructure Transport

Cabinet Nods 166.8-km NH-6 Greenfield Corridor on HAM Mode

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Narendra Modi has approved the proposal for Development, Maintenance and Management of 4-lane Greenfield Access Controlled 166.80 km of National Highway No. 06 from Mawlyngkhung (near Shillong) in Meghalaya to Panchgram (near Silchar) in Assam on Hybrid Annuity Mode as an access controlled greenfield High-Speed Corridor at a total capital cost of Rs 228.64 billion. The project length of 166.80 km lies in Meghalaya (144.80 km) and Assam (22.00 km). The proposed Greenfield high-speed corridor will improve the service level ..

Next Story
Infrastructure Urban

Commercial Ops Begin at Multi-Modal Logistics Park in Nagpur

Under the PM Gati Shakti initiative of Prime Minister with the aim to provide seamless and efficient connectivity for the movement of people, goods and services across various modes of transport, thereby enhancing last-mile connectivity and reducing travel time, and under the guidance of Union Minister of Road Transport and Highways, Nitin Gadkari, the Multi Modal Logistics Park, Nagpur (MMLP Nagpur) at Sindi, near Wardha commenced its commercial operations with a goal to establish a faster link. The MMLP Nagpur established by National Highway Logistics Management (NHLML), a 100 per cent own..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?