Market Overview
The total estimated value of projects in the MENA region amounted to $3 trillion
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 $1.7trillion. Egypt and the UAE share amounted to $500 billion each.
Source: Saudi Projects
In January 2023, there were $298 billion in real estate projects under construction. By the end of 2023, and expected for the Saudi real estate construction market to grow by 9% to a total of $324 billion. This total includes completing $18 billion of real estate projects in 2023. With an ambitious array of giga and mega projects regularly announced across the Kingdom, the construction industry globally is tasked to dramatically scale the production and distribution of products across all project stages to meet this tremendous demand. Source: ABIQ
The medium to long-term growth story in United Arab Emirates remains intact. The prefabricated construction industry in United Arab Emirates is expected to grow steadily over the next four quarters. The growth momentum is expected to continue over the forecast period, recording a CAGR of 8.7% during 2023-2027. The prefabricated construction output in the country is expected to reach AED 33,252.3 million by 2027. Source: ConsTrack360
Egypt leads the project market with over 300 active projects worth $338 billion. With active projects worth around $207 billion, South Africa comes second, followed by Nigeria , which has ongoing and upcoming Africa projects worth $200 billion. Source: ABIQ
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 $1.7 trillion. Egypt and the UAE share amounted to $500 billion each.
The total estimated value of projects in the MENA region amounted to $3 trillion The Kingdom awarded construction contracts to the residential sector worth $5 billion during H1 2023, while entertainment projects reached $2 billion, with the report noting that the construction market in Saudi Arabia is expected to grow at an average annual rate of 4% between 2024 and 2027, driven by economic diversification efforts in line with Vision 2030. Saudi Arabia’s growth and transformation are emblematic of its strategic positioning in the global landscape. Through economic diversification, social reforms, and expanding international influence, the Kingdom is working to secure its future in an ever-changing world. source: Saudi Projects
Saudi Arabia giga-Projects is booming the future of the region...
The IMF Forecasts the Kingdom’s GDP to Grow at 7.6%, the Highest such rate Globally...
Saudi Arabia’s construction sector has recorded its highest growth in 2022 by 8.8% The Construction Sector GDP amounted to about US$ 182.2 billion.
Saudi Arabia’s giga-sized projects cover 15 provinces.
Industry Value ($M)
