Saudi Arabia’s project pipeline estimated at US$1.1 trillion

Catrin Jones Editor, Construction Europe

08 December 2022

Saudi Arabia’s construction industry continues to lead the Middle East and North Africa (MENA) region despite macroeconomic conditions impacting the sector globally, according to JLL’s Q4 2022 KSA Construction Market Intelligence Report.

The landscape in Riyadh, Saudi Arabia (Photo: AdobeStock)

Saudi Arabia is said to have witnessed the highest value of project awards in 2022, demonstrating its commitment to transforming the country in line with its Vision 2030.

It has been reported that, as of October 2022, the Kingdom of Saudi Arabia (KSA) holds a 35% market share with a recorded US$31 billion worth of contract awards against an overall MENA total of US$87 billion as tracked by media publishing company MEED Projects – formerly Middle East Economic Digest.

It is estimated that the country’s pipeline value of unawarded projects is US$1.1 trillion. This includes projects from the study stage right through to the main contractor bid.

Approximately 70% consist of construction sector projects with residential, cultural, leisure, and hospitality at the forefront, which is the driving force behind the Vision 2030 strategy.

The total value of projects awarded in Saudi Arabia between 2021 and 2025 will reach a total of US$569 billion, with US$85 billion (15%) awarded to date across 2021 and 2022 (end of October).
Asia Saudi Arabia Business & Finance Govt & Regulatory Projects General Market & forecasts Industry News Sectors Construction Rental
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