Saudi Arabia Dominates Global Construction with $1.5 Trillion Pipeline
Saudi Arabia led global construction activity in the first quarter with a one dollar point five trillion pipeline of unawarded projects, according to data analyzed by JLL. The Kingdom accounted for thirty-nine percent of total construction projects in the Middle East and North Africa region. Vision 2030 projects and infrastructure developments further solidify Saudi Arabia’s leading position, despite challenges like inflation and labor shortages.
Saudi Arabia led global construction activity in the first quarter with a one dollar point five trillion pipeline of unawarded projects, according to data analyzed by JLL.
The Kingdom accounted for thirty-nine percent of total construction projects in the Middle East and North Africa region, valued at three dollar point nine trillion.
Construction assets made up sixty-two percent or nine hundred fifty billion dollars of the Kingdom’s projects, while transportation, infrastructure, and utilities accounted for thirty-eight percent or five hundred eighty-two billion dollars.
Economic growth, population surge, and modernization have driven Saudi Arabia to lead the Middle Eastern construction market, particularly in the real estate sector.
JLL projects a two point one percent GDP growth for 2024 and five point nine percent in 2025.
Vision 2030 giga-projects and infrastructure developments further solidify Saudi Arabia’s leading position globally.
The construction sector saw the highest value of awarded projects at ninety-seven billion dollars in 2023.
Despite challenges like inflation, high-interest rates, and labor shortages, there is a positive long-term outlook owing to increased local manufacturing capabilities.
The Kingdom accounted for thirty-nine percent of total construction projects in the Middle East and North Africa region, valued at three dollar point nine trillion.
Construction assets made up sixty-two percent or nine hundred fifty billion dollars of the Kingdom’s projects, while transportation, infrastructure, and utilities accounted for thirty-eight percent or five hundred eighty-two billion dollars.
Economic growth, population surge, and modernization have driven Saudi Arabia to lead the Middle Eastern construction market, particularly in the real estate sector.
JLL projects a two point one percent GDP growth for 2024 and five point nine percent in 2025.
Vision 2030 giga-projects and infrastructure developments further solidify Saudi Arabia’s leading position globally.
The construction sector saw the highest value of awarded projects at ninety-seven billion dollars in 2023.
Despite challenges like inflation, high-interest rates, and labor shortages, there is a positive long-term outlook owing to increased local manufacturing capabilities.
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Translated by AI
