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Saudi Arabia, the UAE, and Egypt collectively contributed to approximately 67% of total construction project awards in the region for the first half of the year, with the Kingdom leading the way with projects totaling £44 billion. This has helped to drive the MENA region’s construction sector to record over $101 billion in new project wins, according to analysis from real estate services firm JLL.
The total estimated value of projects in the MENA region amounted to $3 trillion, with the Kingdom accounting for the largest share at about 35%, or nearly $1.3 trillion. Egypt and the UAE share amounted to $500 billion each.
The Kingdom awarded construction contracts to the residential sector worth $5 billion during H1 2023, while entertainment projects reached $2 billion, with the report noting that the construction market in Saudi Arabia is expected to grow at an average annual rate of 4% between 2024 and 2027, driven by economic diversification efforts in line with Vision 2030.
Saudi Arabia’s growth and transformation are emblematic of its strategic positioning in the global landscape. Through economic diversification, social reforms, and expanding international influence, the Kingdom is working to secure its future in an ever-changing world.
Source: Saudi Projects
