KSA Construction Market Intelligence Q4 2022
Saudi Arabia’s construction sector remains strongest market across the MENA region: JLL
- Sean Trainor
- Martin Roberton
- Maroun Deeb
- Laura Morgan MRICS
- Aldwin Kalaw MRICS
Saudi Arabia’s construction industry continues to lead the MENA region despite macroeconomic conditions impacting the sector globally. As of October 2022, KSA holds a 35% market share with a recorded $31 billion worth of contract awards against an overall MENA total of $87 billion as tracked by MEED Projects.
Construction output growth in KSA is anticipated to rise by 3.2% in 2022, with a further annual average growth rate (AAGR) of 4% between 2023 to 2026 as indicated by Global Data. The Kingdom's pipeline value of unawarded (pre-execution) projects is estimated at $1.1 trillion, which includes projects from the study stage through to the main contractor bid. Approximately 70% comprise ‘construction’ sector projects with residential, cultural, leisure, and hospitality as sub-sector leaders, which is the driving force behind the Vision 2030 strategy.
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