Market Size of Saudi Arabia Construction Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 70.33 Billion |
| Market Size (2029) | USD 91.36 Billion |
| CAGR (2024 - 2029) | 5.37 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Construction Market Analysis
The Saudi Arabia Construction Market size is estimated at USD 70.33 billion in 2024, and is expected to reach USD 91.36 billion by 2029, growing at a CAGR of 5.37% during the forecast period (2024-2029).
- The market is driven by Riyadh's Vision 2030 national development plan for diversifying and privatizing the huge Saudi economy. This plan includes several huge megaprojects like the Neom Future Cities, Qiddiya Entertainment City, and the Red Sea Project. Saudi Arabia offers the region's biggest pipeline of construction opportunities.
- Due to the COVID-19 pandemic, the Saudi Arabian construction market had to deal with many problems. The pandemic had a big effect on Saudi Arabia's construction industry. The rate at which construction contracts were given out dropped significantly in 2020 and 2021. However, the Kingdom had the highest value of projects awarded in 2022, which showed its commitment to diversifying the economy and changing the country in line with its Vision 2030,
- In 2022, the number of buildings built in the Kingdom grew by 3.2%. Saudi Arabia has been the strongest market in the MENA region for the past four years in a row, with the highest overall value of project awards. As of October 2022, Saudi Arabia had a 35% market share and won contracts worth USD 31 billion compared to USD 87 billion for all of MENA.
